Expands portfolio through addition of highly complementary condensate management products
Attractive high-single digit Adjusted EBITDA purchase multiple expected to be reduced 50% by year three of ownership through identified growth and cost savings opportunities
Technologies complement existing group of innovations that deliver better performance and a better planet through energy and water efficiency
DAVIDSON, N.C.–(BUSINESS WIRE)–Ingersoll Rand Inc. (NYSE:IR), a global provider of mission-critical flow creation and industrial solutions, acquired Houdstermaatschappij Jorc B.V. (“Jorc”) for an all-cash purchase price of €27 million. Jorc will join the Industrial Technologies and Services (ITS) segment.
Jorc is a world-leading manufacturer of condensate management products, primarily condensate drains, oil/water separators and air-saving equipment. The company is based in Heerlen, Netherlands and has additional facilities in the US and Slovenia. Jorc has approximately €13 million in 2021 annual sales and 2021 Adjusted EBITDA margins in excess of the ITS segment.
“The addition of Jorc fills a strategic gap in our portfolio that enables us to provide a more end-to-end solution to our customers,” said Enrique Minarro Viseras, senior vice president and general manager of the ITS EMEIA business. “From their energy-saving electronic drain to oil/water separators compliant with environmental regulatory agencies, Jorc’s family-built business and focus on sustainability is a natural fit with our values and purpose to Lean on Us to Help You Make Life Better. I am excited to welcome the Jorc team into the Ingersoll Rand family and look forward to the great things we can do together.”
About Ingersoll Rand Inc.
Ingersoll Rand Inc. (NYSE:IR), driven by an entrepreneurial spirit and ownership mindset, is dedicated to helping make life better for our employees, customers and communities. Customers lean on us for our technology-driven excellence in mission-critical flow creation and industrial solutions across 40+ respected brands where our products and services excel in the most complex and harsh conditions. Our employees develop customers for life through their daily commitment to expertise, productivity and efficiency. For more information, visit www.IRCO.com.
This news release contains “forward-looking statements” as that term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995, including but not limited to, statements that relate to the acquisition of Jorc, the expected benefits of the transaction, the timing of the transaction and the outcome of anticipated revenue and synergy opportunities. These forward-looking statements are based on Ingersoll Rand’s current expectations and are subject to risks and uncertainties, which may cause actual results to differ materially from these current expectations. Such risks and uncertainties, include, but are not limited to: our ability to fully realize the expected benefits of the transaction; negative effects of the consummation of the transaction on the market price of our common stock; significant transaction costs and/or unknown liabilities; general economic and business conditions that may impact the companies in connection with the transaction; unanticipated expenses such as litigation or legal settlement expenses; changes in capital market conditions; the impact of the transaction on our employees, customers and suppliers; and the ability of the companies to successfully integrate operations after the transaction. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. The inclusion of such statements should not be regarded as a representation that such plans, estimates or expectations will be achieved. Additional factors that could cause Ingersoll Rand’s results to differ materially from those described in the forward-looking statements can be found under the section entitled “Risk Factors” in its most recent annual report on Form 10-K filed with the Securities and Exchange Commission (“SEC”), as such factors may be updated from time to time in its periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. The foregoing list of important factors is not exclusive.
Any forward-looking statements speak only as of the date of this release. Ingersoll Rand undertakes no obligation to update any forward-looking statements, whether as a result of new information or development, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on any of these forward-looking statements.
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