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- Established and respected leader in delivering solution driven applications including Dosatron technology owned by Ingersoll Rand, focusing on non-electric, hydrodynamic metering pumps for hydroponics, animal health, food safety and sanitation, and water Applications that address high growth sustainable markets such as
- Expands Ingersoll Rand’s Digital Technology Portfolio and Establishes Nutrient Delivery Market Leadership for the Fast-Growing Controlled Environment Agriculture (CEA) and Hydroponics Markets
- Attractive upfront Adjusted EBITDA buy multiple of ~10x, reducing it by more than two laps by realizing synergies in Year 3
DAVIDSON, N.C.–(BUSINESS WIRE)–Ingersoll Rand Inc. (NYSE: IR), a global provider of mission-critical process creation and industrial solutions, has paid approximately $90 million in all-cash upfront acquisition of Dosatron International LLC and Dilution Solutions LLC (collectively, “Dosatron International”) for additional future consideration of up to $15 million.
Headquartered in Clearwater, Florida, Dosatron International is North America’s leading provider of hydrodynamic metering pump and system technology solutions in attractive end-use applications such as hydroponics, horticulture, animal health, food safety and sanitation, and water treatment Presence in the market. The company employs approximately 45 people and will join Ingersoll Rand’s Precision and Science Technology (PST) division.
Dosatron International is a highly regarded customer-focused company and a leader in innovation. It brings differentiated digital control and Industrial Internet of Things (IIoT) solutions to hydroponics that can be leveraged across the wider Ingersoll Rand portfolio.
“Our Dosatron brand is a global leader in energy-efficient, hydrodynamic metering technology, which plays an important role in the relationship between clean and sustainable agriculture. This acquisition will allow us to more closely align our new product development with the ultimate User needs remain consistent,” said Vicente Reynal, Ingersoll Rand Chairman and CEO. “Dosatron International has extremely strong customer relationships in growing end markets such as indoor agriculture and has developed unique IIoT solutions and systems to serve these customers. We see significant importance in introducing additional Ingersoll Rand product lines to these markets and customers Opportunities, including Maximus, Ion Solutions and LMI.”
“We are delighted to join forces with Ingersoll Rand to jointly advance the company’s legacy. This transaction provides the best combination of interests for our most important stakeholders, our customers and our employees,” said Dosatron International’s joint Founders Eddy and Lela Kelly said.
About Ingersoll Rand Corporation.
Driven by entrepreneurship and ownership, Ingersoll Rand Corporation (NYSE: IR) is committed to helping improve the lives of our employees, customers and communities. Customers rely on us for our technology-driven excellence in mission-critical process creation and industrial solutions, spanning more than 40 respected brands, our products and services excel in the most complex and harsh conditions. Our employees develop customers through their daily commitment to expertise, productivity and efficiency. For more information, visit www.IRCO.com.
forward-looking statements
This press release contains “forward-looking statements” within the meaning of 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, without limitation, related to our acquisition of Air Statements regarding Dimensions Inc.’s intent, the expected benefits of the proposed transaction, the timing of the transaction and the results of expected revenue and synergy opportunities. These forward-looking statements are based on Ingersoll Rand’s current expectations and are subject to risks and uncertainties that could cause actual results to differ materially from these current expectations. Such risks and uncertainties include, but are not limited to: our ability to obtain the necessary regulatory approvals, if any, for the proposed transaction in a timely manner; due to our inability to complete the proposed transaction in a timely manner, if any, the market price of our common stock and adversely affect our results of operations; our ability to fully realize the expected benefits of the proposed transaction; the announcement or completion of the proposed transaction has a negative impact on the market price of the company’s common stock; significant transaction costs and/or unknown liabilities; may affect the proposed transaction the company’s general economic and business conditions; unexpected expenses, such as litigation or legal settlement costs; changes in capital market conditions; the impact of the proposed transaction on the company’s employees, customers and suppliers; and the company’s ability to successfully integrate operations following the transaction. Should one or more of these risks or uncertainties materialize, or if underlying assumptions prove incorrect, actual results could differ materially from those expressed or anticipated by such forward-looking statements. The inclusion of such statements should not be construed as an indication 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 in the section entitled “Risk Factors” in its most recent annual report on Form 10-K filed with the Securities and Exchange Commission (“SEC ”), as these factors may be updated from time to time in its periodic filings with the SEC, which are available on the SEC’s website at www.sec.gov. The important factors listed above are not the only ones.
Any forward-looking statements speak only as of the date of this press release. Ingersoll Rand undertakes no obligation to update any forward-looking statement, whether as a result of new information or developments, 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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Source: Ingersoll Rand Corporation.