On Monday, 25 March 2024, Ingersoll Rand Inc. (IR), a provider of mission-critical flow systems and industrial solutions, announced that it had clinched a deal to take over ILC Dover from New Mountain Capital, LLC.
Ingersoll Rand to Take Over ILC Dover
The latter is an investment company managing an estimated $50bn in assets. ILC Dover specialises in the design and manufacture of biopharmaceutical and medical devices and also provides aerospace solutions. The organisation has 11 engineering and production facilities in Asia, North America and Europe.
In terms of the agreement, Ingersoll Rand will pay approximately $2.3bn in cash on top of an earnout related to 2024 operating efficiency achievements. The firm plans to create a life sciences division within its existing Precision and Science Technologies segment.
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Brands within this department include Thomas, Zinsser Analytic and Air Dimensions. Corey Walker, the ILC Dover president and CEO, will lead this new platform. The company envisages that the niche will generate roughly $700m in revenue while it expands its footprint in global life sciences. The current Precision and Science Technologies division represents about $1bn in revenue.
Chairperson and company CEO Vicente Reynal commented:
This acquisition is the next phase of our long-term vision to expand into higher-growth end markets like life sciences. We see many opportunities to leverage ILC’s established market positions and brands, including the ability to attach Ingersoll Rand’s existing liquid handling technologies and positive displacement pumps to ILC’s single-use solutions in key biopharma and pharma production processes.
Walker expressed his excitement about joining the Ingersoll Rand team and combining the portfolios of the two companies.
