Ingersoll Rand Inc. (NYSE: IR), a global provider of mission-critical flow creation and industrial solutions, closed on the acquisition of Friulair S.r.l. (“Friulair”) in an all-cash upfront purchase price of approximately $146M.
Based in Italy, Friulair is recognized globally for its design and production of dryers, filters, aftercoolers, and accessories for the treatment of compressed air as well as its chiller product line. The addition of Friulair will increase the scale of Ingersoll Rand’s air dryer business, significantly increasing the company’s access to the original equipment manufacturer channel and will add new chiller production capabilities. It also adds manufacturing locations in Cervignano del Friuli, Italy and Si Racha Chon Buri, Thailand.
Friulair employs approximately 215 people and has approximately $65 million in revenue. Through the realization of synergies and the deployment of IRX, Ingersoll Rand expects to realize Adjusted EBITDA margins in excess of 30% by year three of ownership.
“Acquiring Friulair will give us the opportunity to accelerate growth across food and beverage and pharmaceutical end markets, in addition to scaling our existing air treatment business,” said Vicente Reynal, chairman and chief executive officer of Ingersoll Rand. “I am excited to welcome the Friulair team into the Ingersoll Rand family.”
Friulair will join Ingersoll Rand’s Industrial Technologies and Services (IT&S) segment.
