(Reuters) – Air compressor maker Ingersoll Rand said on Monday it would buy ILC Dover from investment firm New Mountain Capital for about $2.33 billion to expand its presence in the life sciences markets.
The deal, expected to close in the second quarter, includes an earnout tied to the achievement of select operating efficiency metrics in 2024.
ILC manufacturers flexible materials and serves the aerospace, personal protection and pharmaceutical industries.
“Through ILC, we will get access to approximately 1,000 customers in the broader life science and healthcare sectors, where we can leverage our demand generation capabilities to drive incremental growth in other Ingersoll Rand product lines like compressors,” Ingersoll Rand CEO Vicente Reynal said in a statement.
(Reporting by Kannaki Deka in Bengaluru; Editing by Saumyadeb Chakrabarty and Sriraj Kalluvila)
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