DAVIDSON, N.C.– Ingersoll Rand Inc. has entered into agreements to acquire Everest Blowers Private Limited and Everest Blower Systems Private Limited (collectively, “Everest Group”) and Airmax Groupe (“Airmax”) for a combined all-cash upfront purchase price of approximately $86 million with additional potential consideration based on achievement of Everest financial targets.
Everest Group expands Ingersoll Rand’s presence in India with complementary products under a leading brand. Everest Group operates through two manufacturing locations near Delhi, India and has approximately 420 employees.
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 and Airmax have combined external revenue of approximately $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.