DAVIDSON, NC — Ingersoll Rand Inc., a global provider of mission-critical flow creation and industrial solutions, has entered into an agreement to acquire Air Dimensions Inc. for an all-cash purchase of $70.5 million. The company intends to close the transaction on Friday, October 29, 2021.
Based in Deerfield Beach, FL, 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. Air Dimensions has an estimated $11 million in 2021 annual revenues and strong pre-synergy Adjusted EBITDA margins that are meaningfully higher than the Precision and Science Technologies segment.
“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,” remarked Vicente Reynal, chief executive officer of Ingersoll Rand. “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.”
Greg and David English, president and chief operating officer, respectively, and owners of Air Dimensions, commented, “Air Dimensions is celebrating our 50th anniversary this year as a family-owned company and it is the perfect time to look to the next chapter of opportunities for the team and business. 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.” As part of the transaction, both English and English plan to retire following a transition time with the business.