DAVIDSON, Nc.-- Ingersoll Rand Inc. has entered into agreements to acquire Holtec Gas Systems LLC (“Holtec”), Shanghai Hanye Air Purifying Technology Co., Ltd (“Hanye”) and Hydro Prokav Pumps (India) Private Limited (“Hydro Prokav”) for a combined cash purchase price of approximately $35 million.
Holtec and Hanye expand Ingersoll Rand’s air treatment capabilities and enhance the breadth of solutions provided for the larger compressor ecosystem. They will both join the Industrial Technologies and Services segment.
Based in Saint Charles, Missouri, Holtec is an internationally recognized nitrogen generator manufacturer, and the recipient of the 2022 President’s “E” Award. Holtec offers expertly designed onsite nitrogen generation systems for industrial, food & beverage and manufacturing applications and has annual revenue of approximately $10 million.
Based in Shanghai, China, Hanye is an OEM supplier of air treatment products with several unique patents in China around desiccant and refrigerated compressed air dryers and air filters. Hanye has annual revenue of approximately $4 million.
Based in Coimbatore, India, Hydro Prokav manufactures and sells progressive cavity pumps with more than 80% of its approximately $6 million in annual revenue coming from aftermarket parts. Hydro Prokav expands Ingersoll Rand’s presence in progressive cavity pumps and serves as a complementary addition to the recent Seepex acquisition to further penetrate the growing market in India and southeast Asia. Hydro Prokav will join the Precision and Science Technologies segment.
“Through the use of Ingersoll Rand Execution Excellence (IRX), we continue to execute on our robust M&A funnel. The acquisitions of Holtec, Hanye and Hydro Prokav demonstrate our commitment to finding highly adjacent bolt-ons which add products, capabilities and technologies that enhance the quality of our overall portfolio while expanding our addressable market,” remarked Vicente Reynal, chairman and chief executive officer of Ingersoll Rand. “All three of these acquisitions are directly aligned with our stated M&A strategy, and we see meaningful opportunity to drive incremental synergies across our global businesses to generate shareholder value.”
The acquisitions of Holtec and Hydro Prokav are expected to be completed during the third quarter of 2022. The acquisition of Hanye is expected to be completed during the fourth quarter of 2022.