Ingersoll Rand Agrees to Acquire Pedro Gil and Closes on Acquisition of Westwood Technical
13 September 2022 - 12:30PM
Business Wire
- Demonstrates commitment to disciplined inorganic growth in
adjacent products, technologies and geographies
- Pedro Gil expands geographic presence in Spanish market with
established brand; low double digit Adjusted EBITDA pre-synergy
purchase multiple reduced to mid-single digits by year 3
- Westwood Technical enhances IIoT offerings with addition of an
innovative Low Power Wide Area Networking (“LoRaWAN”) technology
platform
Ingersoll Rand Inc. (NYSE:IR), a global provider of
mission-critical flow creation and industrial solutions, has
entered into an agreement to acquire Pedro Gil Construcciones
Mecánicas, S.L. (“Pedro Gil”) and acquired Westwood Technical
Limited (“Westwood Technical”) for a combined upfront cash purchase
price of approximately $30 million.
Pedro Gil is a leading manufacturer of positive displacement
blowers, pumps and vacuum systems in the Spanish market. Pedro Gil
expands Ingersoll Rand’s presence in Spain and adds an established
brand to its portfolio. Pedro Gil has annual revenue of
approximately $15 million and will join the Industrial Technologies
and Services segment.
Westwood Technical is a highly experienced control and
instrumentation specialist based in the United Kingdom with unique
IIoT capabilities. Westwood Technical expands Ingersoll Rand’s IIoT
offerings with its AircomTM product line. AircomTM is a
self-contained, battery-powered communications device utilizing
LoRaWAN technology to transmit data from assets in remote and
challenging locations for monitoring and control applications, and
is highly complementary to Ingersoll Rand’s YZ Systems business.
Westwood Technical will join Ingersoll Rand’s Precision and Science
Technologies segment.
“These transactions highlight our funnel generation capabilities
and ability to source and execute bolt-on acquisitions that improve
the quality of our portfolio,” said Vicente Reynal, chairman and
chief executive officer of Ingersoll Rand. “Pedro Gil is a leader
in the Spanish high performance air blower market and increases our
ability to reach and serve customers in this important geography.
The AircomTM technology platform can be used with existing
Ingersoll Rand products and significantly enhances our IIoT
monitoring capabilities with a very cost effective solution.”
The acquisition of Westwood Technical closed on September 1,
2022, as did the previously announced acquisitions of Holtec and
Hydro Prokav. The acquisition of Pedro Gil is expected to be
completed during the fourth quarter of 2022.
About Ingersoll Rand Inc.
Ingersoll Rand Inc. (NYSE:IR), driven by an entrepreneurial
spirit and ownership mindset, is dedicated to helping make life
better for our employees, customers and communities. Customers lean
on us for our technology-driven excellence in mission-critical flow
creation and industrial solutions across 40+ respected brands where
our products and services excel in the most complex and harsh
conditions. Our employees develop customers for life through their
daily commitment to expertise, productivity and efficiency. For
more information, visit www.IRCO.com.
Forward-Looking Statements
This news release contains “forward-looking statements” as that
term is defined in Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended by the Private Securities Litigation Reform Act of 1995,
including but not limited to, statements that relate to our intent
to acquire Air Dimensions Inc., the expected benefits of the
proposed transaction, the timing of the transaction and the outcome
of anticipated revenue and synergy opportunities. These
forward-looking statements are based on Ingersoll Rand’s current
expectations and are subject to risks and uncertainties, which may
cause actual results to differ materially from these current
expectations. Such risks and uncertainties, include, but are not
limited to: our ability to timely obtain, if ever, necessary
regulatory approvals of the proposed transaction; adverse effects
on the market price of our common stock and on our operating
results because of our inability to timely complete, if ever, the
proposed transaction; our ability to fully realize the expected
benefits of the proposed transaction; negative effects of
announcement or consummation of the proposed transaction on the
market price of the company’s common stock; significant transaction
costs and/or unknown liabilities; general economic and business
conditions that may impact the companies in connection with the
proposed transaction; unanticipated expenses such as litigation or
legal settlement expenses; changes in capital market conditions;
the impact of the proposed transaction on the company’s employees,
customers and suppliers; and the ability of the companies to
successfully integrate operations after the transaction. Should one
or more of these risks or uncertainties materialize, or should
underlying assumptions prove incorrect, actual results may vary
materially from those indicated or anticipated by such
forward-looking statements. The inclusion of such statements should
not be regarded as a representation that such plans, estimates or
expectations will be achieved. Additional factors that could cause
Ingersoll Rand’s results to differ materially from those described
in the forward-looking statements can be found under the section
entitled “Risk Factors” in its most recent annual report on Form
10-K filed with the Securities and Exchange Commission (“SEC”), as
such factors may be updated from time to time in its periodic
filings with the SEC, which are accessible on the SEC’s website at
www.sec.gov. The foregoing list of important factors is not
exclusive.
Any forward-looking statements speak only as of the date of this
release. Ingersoll Rand undertakes no obligation to update any
forward-looking statements, whether as a result of new information
or development, future events or otherwise, except as required by
law. Readers are cautioned not to place undue reliance on any of
these forward-looking statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20220913005369/en/
Investors: Matthew Fort matthew.fort@irco.com
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