Idex Corp. has entered into a definitive agreement to acquire Airtech Group Inc., US Valve Corp. and related entities from investment funds managed by EagleTree Capital for cash consideration of $470 million, subject to customary post-closing adjustments.
Airtech designs and manufactures pressure technology products, including vacuum pumps, regenerative blowers, compressor systems and valves. The company provides services across diversified end markets such as alternative energy, food processing, medical, packaging and transportation. Airtech serves clients globally, with operations in the United States, Europe and Asia.
“The acquisition of Airtech expands our expertise in specialized, high-performing air moving technologies, increasing our ability to serve customers’ needs,” Idex Chief Executive Officer and president Eric Ashleman said. “Airtech has an excellent record of providing highly engineered solutions for niche applications across a wide array of industries. We expect this acquisition to be an outstanding fit for Idex. Our decentralized structure gives business units significant autonomy, while the common Idex culture and operating model provide the foundation for operational excellence and growth that will enhance the business the Airtech team has already built.”
“It has been a pleasure collaborating with the Airtech team over these past years,” said Robert Fogelson, senior partner at EagleTree Capital. “We are all delighted that Airtech will become part of IDEX, which will be a wonderful home for the business for the long term.”