Ingersoll Rand Inc., has entered into an agreement to acquire Air Dimensions Inc., for an all-cash purchase of $70.5 million. Based in Deerfield Beach, Fla., Air Dimensions designs, manufactures and sells vacuum diaphragm pumps primarily for environmental applications in high-growth, sustainable end markets such as emission monitoring, biogas, utility and chemical processes. Upon closing, Air Dimensions will join Ingersoll Rand’s Precision and Science Technologies segment.
Commenting on the decision, Vicente Reynal, CEO of Ingersoll Rand, said, “The ability to expand our product portfolio, extend our reach in highly attractive end markets, further aftermarket exposure and welcome a team that shares our values makes the Air Dimensions’ transaction an excellent example of delivering on our inorganic growth strategy. This transaction is directly aligned with our strategic and financial M&A criteria designed to elevate the quality of our portfolio and generate shareholder value. The Air Dimensions’ acquisition positions us for future growth as a highly profitable business serving sustainable end markets and, along with the meaningful synergy opportunities we have identified, it is a natural fit for Ingersoll Rand.”
Highlighting their view on the deal, Greg and David English, President and Chief Operating Officer, respectively, and owners of Air Dimensions, communicated, “With Ingersoll Rand, Air Dimensions will be a part of an organization with a similar culture and better positioned to grow into new markets and geographies focused on delivering superior quality products with impressive lead times.”