AIP to acquire Ingersoll's High Pressure Solutions segment
American Industrial Partners has agreed to acquire a majority interest in the High Pressure Solutions Segment of Ingersoll Rand.
The business was formerly part of Gardner Denver's Energy Segment. The transaction is subject to customary closing conditions and is expected to be completed in the first half of 2021.
The completion of the transaction will result in HPS becoming a stand-alone business, enabling the company to focus its efforts on best serving its customers in the upstream oilfield service sector, while continuing its legacy of delivering highly-engineered and efficient, customer-driven solutions to meet the evolving needs of the market.
"We are excited to partner with the team at HPS to advance the Company's storied history of innovation and commercialization of technologies that enable efficient energy production," said Alex Menkhaus, a partner at AIP. "AIP brings deep experience in the end markets served, as well as expertise in new product development, supply chain optimization, and operational excellence, and we look forward to working with the Company to continue to build on the strong foundation that exists today."
"This is a great step forward for our organization that will give us the flexibility to continue to serve our customers with innovative products and excellent customer service," said Edward Bayhi, Ingersoll Rand HPS segment vice president and general manager, who will serve as CEO under the new ownership structure. "We value the investment from Ingersoll Rand that built this business into a market leader, and we are enthusiastic about the next phase of growth as a standalone organization enabled through the partnership with AIP."
INDUSTRIAL SUPPLY MAGAZINE
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