AIP to acquire Ingersoll Rand’s stake worth $300m in HPS Segment
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Private equity firm American Industrial Partners (AIP) has agreed to acquire Ingersoll Rand’s majority interest in High Pressure Solutions (HPS) Segment for approximately $300m.
Upon the completion of the deal, Ingersoll Rand will retain a 45% common equity interest in HPS Segment.
The transaction is planned to be completed in the first half of 2021, subject to customary closing conditions.
Ingersoll Rand CEO Vicente Reynal said: “Today’s transaction is a meaningful step forward in our transformation and achieves many of the goals we have previously communicated.
Ingersoll Rand Selling Majority of High Pressure Solutions Unit to AIP
American Industrial Partners which also owns fastener distributor/manufacturer Optimas Solutions is paying $300 million for 55 percent of HPS.
Feb 16th, 2021
DAVIDSON, NC Ingersoll Rand Inc., a global provider of mission-critical flow creation and industrial solutions, has entered into an agreement to sell a majority interest in its High Pressure Solutions (HPS) Segment to the private equity firm American Industrial Partners (AIP).
Ingersoll Rand will receive cash proceeds of approximately $300 million at closing for its majority interest and will retain a 45% common equity interest in the business. The transaction, subject to standard closing conditions, is expected to be completed in the first half of 2021.
Ingersoll Rand to Sell Interest in HPS Segment to PE Firm mdm.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mdm.com Daily Mail and Mail on Sunday newspapers.
American Industrial Partners Signs Agreement to Acquire the High Pressure Solutions Segment of Ingersoll Rand
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HOUSTON, Feb. 16, 2021 /PRNewswire/ American Industrial Partners ( AIP ) announced today the signing of an agreement to acquire a majority interest in the High Pressure Solutions Segment ( HPS or the Company ) of Ingersoll Rand (formerly part of Gardner Denver s Energy Segment). The transaction is subject to customary closing conditions and is expected to be completed in the first half of 2021.
AIP was attracted to HPS due to its position as a premier market leader in the manufacturing, service, and repair of high-pressure pumps and related consumables in the upstream energy market. The completion of the transaction will result in HPS becoming a stand-alone business, enabling the Company to focus its efforts on best serving its customers in the upstream oilfield service sector, while continuing its legacy o