Ingersoll Rand Inc. (NYSE: IR), a provider of flow creation and industrial services, has agreed to purchase ILC Dover from New Mountain Capital LLC.
ILC designs and produces services for biopharmaceutical, pharmaceutical and medical device markets and also offers services to the space industry. ILC serves its customer base across 11 engineering and production facilities located in North America, Europe and Asia, with more than 2,000 team members. The deal includes an upfront cash purchase price of approximately $2.33 billion.
“This acquisition is the next phase of our long-term vision to expand into higher-growth end markets like life sciences,” says Vicente Reynal, Ingersoll Rand chairman and CEO. “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.”
Kirkland & Ellis LLP is serving as legal counsel to Ingersoll Rand. Jefferies LLC and Goldman Sachs & Co. LLC are serving as financial advisors and Simpson Thacher & Bartlett LLP is serving as legal counsel to ILC Dover and New Mountain Capital.