DAVIDSON – Ingersoll Rand Inc. (NYSE:IR) will buy the assets of Tuthill Corporation’s Pump Group in an all-cash deal valued at $84.6 million.
According to a statement issued by the company, the deal is expected to close in the fourth quarter of 2021, after which the employees and brands of the Pump Group will join the Ingersoll Rand Precision and Science Technologies (PST) segment.
“This is the second business we have purchased from Tuthill Corporation and I’m excited to welcome another Tuthill team to the Ingersoll Rand family,” said Vicente Reynal, president and chief executive officer of Ingersoll Rand in the statement. “This transaction aligns with our M&A focused capital allocation strategy, meets our strategic and financial criteria, and we expect it to deliver meaningful shareholder value through synergy realization, including a mid-single digit Adjusted EBITDA purchase multiple by year three of ownership.”
