Ingersoll Rand Buys Seepex For 431.5 Million Euros In Cash

Ingersoll Rand Inc. (IR) Monday announced its decision to buy positive displacement pump manufacturer, Seepex GmbH in an all-cash transaction, valued at 431.5 million euros.

Ingersoll believes the acquisition to have complementary synergy opportunities for the company and expects to reduce the post-synergy adjusted EBITDA purchase price multiple to low double digits by year three of ownership.

"Seepex has an exceptional historic organic growth profile with a high single digit revenue CAGR since 2017 with double digit growth expected in 2021, supported by a solid installed base of over 210,000 pumps and recurring aftermarket business that is already above 40% of its total annual revenue," said Vicente Reynal, chief executive officer of Ingersoll Rand.

The deal is expected to close during the third quarter.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Sturtevant, Wisconsin-based BRP U.S. Inc. is recalling around 20 models of Side-by-Side vehicles citing fire risk, the U.S. Consumer Product Safety Commission. The recall involves about 34,400 units of Model Years 2020 and 2021 Can-AM Defender HD10 side-by-side vehicles. While reporting financial results for the second quarter on Friday, technology company Honeywell international Inc. (HON) raised its adjusted earnings and sales guidance for the full-year 2021, based on the second-quarter performance and management's outlook for the remainder of the year. For fiscal... Shares of Vodafone Group Plc were gaining around 2 percent in the morning trading in London after the British telecom major reported higher revenues in its first quarter. Looking ahead, the company said it is on track to deliver fiscal year 2022 guidance, with Adjusted EBITDAaL expected to be between 15.0 billion euros - 15.4 billion euros and Adjusted free cash flow of at least 5.2 billion euros
Follow RTT