Ingersoll Rand Inc. has entered into agreements to acquire Everest Blowers Private Limited and Everest Blower Systems Private Limited and Airmax Groupe, a press release reported.
“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.
The transaction is said to be worth approximately $86 million and will be further reviewed based on Everest’s ability to meet its financial objectives.
Everest Group ranks as the leading blower and vacuum pump solutions provider in India, specializing in the development of fast-growing, sustainable markets, such as water treatment, pharma and food and beverage. Based near Delhi, India, the company is operated by approximately 420 employees.
Based in France, Airmax specializes in compressed air and aftermarket services. The company counts with the support of 100 employees nationwide.
“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 and I am thrilled they are joining the Ingersoll Rand family,” Viseras said.
The companies bring in a collective external revenue sum of $35 million and are subjected to segment adjusted EBITDA margins in the event of gradual increases.
Now forming part of the Industrial Technologies and Services (ITS) segment of Ingersoll Rand, both transactions are projected to close during the fourth quarter of 2022.