DAVIDSON, N.C. – Ingersoll Rand Inc.has entered into a definitive agreement to acquire Howden Roots LLC (“Roots”) from Chart Industries, Inc. for an all-cash purchase price of approximately $300 million.
Roots is a provider of low-pressure compression and vacuum technologies. The business goes to market under the widely recognized Roots brand, which was founded in 1854. Roots has approximately $115 million in revenue and an established installed base that supports a strong aftermarket business model.
This acquisition is expected to close in the third quarter 2023 upon obtaining required regulatory approvals. Upon close, Roots will join Ingersoll Rand’s IT&S segment.
Citi is serving as financial advisor and Simpson Thacher & Bartlett LLP is serving as legal counsel to Ingersoll Rand. BofA Securities is serving as financial advisor and Winston & Strawn LLP is serving as legal counsel to Chart Industries.