OR WAIT null SECS
Chart Industries enters the all-cash transaction to part with Howden Roots, expanding Ingersoll’s portfolio of compression and vacuum technologies.
Ingersoll Rand—an international distributor of industrial solutions and flow creation—has announced the acquisition of Howden Roots LLC from Chart Industries in an all-cash transaction of approximately $300 million.
“This acquisition demonstrates our commitment to inorganic growth through value-enhancing acquisitions,” said Vicente Reynal, Chairman and Chief Executive Officer of Ingersoll Rand. “We are excited to welcome the Roots team to the Ingersoll Rand family. Together, we will make life better – for our employees, customers, planet, and shareholders.”
The acquisition of Roots will add incremental low-pressure compression and vacuum technologies to Ingersoll Rand’s industrial product portfolio. Founded in 1854, the company enters the market under the commonly known “Roots” brand. Howden Roots LLC generates approximately $115 million in revenue and is equipped with an installed base that strengthens its aftermarket business model.
The deployment of Ingersoll Rand’s execution engine allows for projections of Adjusted EBITDA margins to exceed 30% by year three. Ingersoll Rand has integrated the Roots brand into its industrial technologies and services division. Additionally, Chart Industries has transferred ownership of the Roots manufacturing facility in Connersville, IN to Ingersoll Rand.