Ingersoll Rand Acquires Friulair to Expand Air Treatment Capabilities

• Increases scale of air dryer business and adds new chiller and heat pump technologies and production capabilities
• Enhances penetration of food and beverage and pharmaceutical end markets
• Attractive low double-digit Adjusted EBITDA purchase multiple, which is expected to be reduced to mid-single digits by year three of ownership after realization of expected synergies and deployment of Ingersoll Rand Execution Excellence (IRX)

DAVIDSON, N.C.--(BUSINESS WIRE)--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.

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.

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