Davidson-based industrial group expands in the Indian market
Ingersoll Rand Inc. (NYSE:IR) has entered into agreements to acquire Delhi’s Everest Blowers Private Limited and Everest Blower Systems Private Limited, collectively “Everest Group”, and Airmax Groupe of France for a combined all-cash upfront purchase price of approximately US$86 million with additional potential consideration based on achievement of Everest financial targets.
Everest Group, which operates through two manufacturing locations near Delhi with 420 employees, will expand Ingersoll Rand’s presence in India with complementary products under a leading brand.
Everest Group is the Indian market leader for customized blower and vacuum pump solutions with a significant focus on innovation and exposure to high-growth, sustainable end markets including water treatment, pharma and food & beverage.
Airmax is a French compressed air specialist with strong end-user relationships and a technician network focused on aftermarket service. Airmax has approximately 100 employees and nine locations across France.
“Everest Group is the leading domestic manufacturer of blowers and vacuum systems in India and significantly expands our presence in this key growth market. Additionally, it expands our vacuum product line with opportunities to grow both domestically and globally,” said Enrique Minarro Viseras, senior vice president and general manager of the ITS EMEIA business.
“Airmax is our largest channel partner in France and we have worked with them for multiple decades. The team has deep local market knowledge, a commitment to customer service and energy optimization expertise. I am thrilled they are joining the Ingersoll Rand family,” Viseras said on 27 Oct 2022.
Everest Group and Airmax have combined external revenue of approximately US$35 million and are accretive to segment adjusted EBITDA margins. Both acquisitions are expected to close in the fourth quarter of 2022 and will join the Industrial Technologies and Services (ITS) segment of Ingersoll Rand.
Ingersoll Rand Inc. (NYSE:IR), driven by an entrepreneurial spirit and ownership mindset, has industrial solutions across 40+ respected brands. fiinews.com
