Ingersoll Rand expands portfolio with three acquisitions
Ingersoll Rand Inc., a global provider of mission-critical flow creation and life science and industrial solutions, has acquired Air Power Systems Co., LLC (“APSCO”), Blutek s.r.l. (“Blutek”), and UT Pumps & Systems Private Limited (“UT Pumps”) for a combined purchase price of approximately $135 million.
These acquisitions add more than $50 million in revenue cumulatively acquired at a high-single digit multiple of 2024 estimated Adjusted EBITDA.
APSCO, based in the U.S., is a provider of hydraulic and pneumatic products and engineered solutions serving diverse specialty work truck vehicles. For 60 years, APSCO has served its customers with comprehensive offerings across hydraulic coolers, systems, and components in addition to pneumatic consoles, cylinders, valves, and switches. The acquisition will expand Ingersoll Rand’s leading position in the dry and liquid bulk markets with energy efficient, innovative solutions. APSCO will join the Industrial Technologies and Services (IT&S) segment.
Blutek, based in Italy, specializes in the design and production of highly engineered solutions for compressed air and nitrogen generation in mission-critical environments. As a certified supplier to leading Engineering, Procurement, and Construction (EPC) companies, Blutek will increase Ingersoll Rand’s ability to compete in high specification projects, adding technology capabilities, expertise, and aftermarket potential in high-growth end markets including biogas and carbon capture. The business will join the IT&S segment.
UT Pumps is an Indian manufacturer of screw pumps and triplex plunger pumps. This acquisition adds new pump technology to Ingersoll Rand’s portfolio. Its high-pressure pumps are mainly focused on attractive end markets including water, wastewater, food and beverage, pharmaceuticals, general industrial, and chemicals. UT Pumps will join the Precision and Science Technologies (P&ST) segment.
“Investments in sustainability, innovation, and aftermarket are core to our growth and today’s announcement underscores our commitment to deploy capital in pursuit of this strategy,” said Vicente Reynal, chairman and chief executive officer of Ingersoll Rand. “These acquisitions demonstrate our successful bolt-on acquisition playbook, which when combined with the power of Ingersoll Rand Execution Excellence (IRX), will continue to deliver value to both customers and shareholders.”
Thus far, Ingersoll Rand has closed 14 acquisitions this year as part of its disciplined capital allocation strategy.
INDUSTRIAL SUPPLY MAGAZINE
The September/October issue of Industrial Supply magazine features an in-depth cover story about Kurz Industrial Solutions. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and Mike Hockett, as well as interviews with numerous product and distribution industry experts.
