Ingersoll Rand Acquires Friulair to Expand Air Treatment Capabilities
01 Februar 2024 - 2:30PM
Business Wire
- Increases scale of air dryer business and adds new chiller and
heat pump technologies and production capabilities
- Enhances penetration of food and beverage and pharmaceutical
end markets
- Attractive low double-digit Adjusted EBITDA purchase multiple,
which is expected to be reduced to mid-single digits by year three
of ownership after realization of expected synergies and deployment
of Ingersoll Rand Execution Excellence (IRX)
Ingersoll Rand Inc. (NYSE: IR), a global provider of
mission-critical flow creation and industrial solutions, closed on
the acquisition of Friulair S.r.l. (“Friulair”) in an all-cash
upfront purchase price of approximately $146M.
Based in Italy, Friulair is recognized globally for its design
and production of dryers, filters, aftercoolers, and accessories
for the treatment of compressed air as well as its chiller product
line. The addition of Friulair will increase the scale of Ingersoll
Rand’s air dryer business, significantly increasing the company’s
access to the original equipment manufacturer channel and will add
new chiller production capabilities. It also adds manufacturing
locations in Cervignano del Friuli, Italy and Si Racha Chon Buri,
Thailand.
Friulair employs approximately 215 people and has approximately
$65 million in revenue. Through the realization of synergies and
the deployment of IRX, Ingersoll Rand expects to realize Adjusted
EBITDA margins in excess of 30% by year three of ownership.
“Acquiring Friulair will give us the opportunity to accelerate
growth across food and beverage and pharmaceutical end markets, in
addition to scaling our existing air treatment business,” said
Vicente Reynal, chairman and chief executive officer of Ingersoll
Rand. “I am excited to welcome the Friulair team into the Ingersoll
Rand family.”
Friulair will join Ingersoll Rand’s Industrial Technologies and
Services (IT&S) segment.
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.
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incorrect, actual results may vary materially from those indicated
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such plans, estimates or expectations will be achieved. Important
factors that could cause actual results to differ materially from
such plans, estimates or expectations include, among others, (1)
adverse impact on our operations and financial performance due to
natural disaster, catastrophe, global pandemics (including
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outside of our control; (2) unexpected costs, charges or expenses
resulting from completed and proposed business combinations; (3)
uncertainty of the expected financial performance of the Company;
(4) failure to realize the anticipated benefits of completed and
proposed business combinations; (5) the ability of the Company to
implement its business strategy; (6) difficulties and delays in
achieving revenue and cost synergies; (7) inability of the Company
to retain and hire key personnel; (8) evolving legal, regulatory
and tax regimes; (9) changes in general economic and/or industry
specific conditions; (10) actions by third parties, including
government agencies; and (11) other risk factors detailed in
Ingersoll Rand’s most recent Annual Report on Form 10-K filed with
the Securities and Exchange Commission (the “SEC”), as such factors
may be updated from time to time in its periodic filings with the
SEC, which are available on the SEC’s website at
http://www.sec.gov. The foregoing list of important factors is not
exclusive.
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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
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version on businesswire.com: https://www.businesswire.com/news/home/20240201780962/en/
Investor Relations: Matthew.Fort@irco.com
Media: Meghan.Agostinelli@irco.com
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