Ingersoll Rand Inc., a global provider of flow creation and industrial offerings, enters into an agreement to acquire the assets of Tuthill Vacuum and Blower Systems. The all-cash transaction, valued at $184 million, is expected to close Q1 or earlier upon obtaining required regulatory approvals and necessary third-party consents, according to the company.
“We are excited to welcome the Tuthill Vacuum and Blower Systems team to the Ingersoll Rand family. This transaction delivers on our commitment to significantly accelerate our growth plan and demonstrates our ability to seek out premium and iconic industrial brands with strong complementary technology and commercial growth opportunities,” says Vicente Reynal, chief executive officer of Ingersoll Rand. “Following our disciplined capital allocation strategy, we are paying a multiple largely in line with prior acquisitions and expect this transaction will provide a similar opportunity over the coming years to generate ROIC and reduce the post-acquisition multiple. Overall, we are proud of the immediate and long-term value this acquisition is expected to create for our shareholders.”
Tuthill Vacuum and Blower Systems designs and manufactures positive displacement blowers, mechanical vacuum pumps, vacuum boosters and engineered systems. Based in Springfield, Mo., Tuthill Vacuum and Blower Systems has approximately 160 employees and a reported annual revenue of approximately $60 million. Upon transaction close, the employees and brands of Tuthill Vacuum and Blower Systems will join the Ingersoll Rand Industrial Technologies and Services (IT&S) segment.
Steven Westfall, chief executive officer and president of Tuthill Corporation, says, “Our business in Springfield is loaded with dedicated professionals who really care to make a difference. It’s more than difficult to say goodbye to the Vacuum and Blower team – and I’m confident they will find a terrific new home as a part of the Ingersoll Rand team.”
For more information, visit www.IRCO.com
