Ingersoll Rand Inc., a global provider of flow creation and industrial solutions, has entered into an agreement to acquire Maximus, a provider of digital controls and Industrial digital production management systems for the agritech market. The all-cash transaction, valued at CAD$135.4 million ($109 million), is expected to close in Q3 upon obtaining required regulatory approvals. Upon transaction close, Maximus will join the PST segment.
“Smart, connected products, digital capabilities and technology are core to our growth and today’s announcement delivers on our commitment to deploy capital in pursuit of this strategy,” said Vicente Reynal, chief executive officer of Ingersoll Rand. “Maximus has built significant expertise in controls and IIoT technology that aligns well with Ingersoll Rand and our current brands. Leveraging Ingersoll Rand Execution Excellence (IRX) will help drive additional innovation and significant synergies with Dosatron and other PST brands. This acquisition is expected to generate significant value for our stockholders.”
“Our Dosatron brand is a worldwide leader in animal health and irrigation markets with its energy efficient, water-powered dosing technology and now we will offer a fully connected solution for customers when we add it to the Maximus digital controller system,” said Nick Kendall-Jones, president of the precision and science technologies segment. “The agritech market is expected to grow double digits annually over the next five years and with a large opportunity for market penetration and little to no customer overlap, we believe we have a winning strategy to leverage both Dosatron and Maximus channels to drive growth.”
Nizar Barrou and André Spilmann, owners of Maximus, commented, “Improving the global performance of farms and the welfare of animals through technological innovations directly fits with Ingersoll Rand’s strategic imperative to Operate Sustainably. The dedicated people in our company embody Ingersoll Rand’s value of thinking and acting like owners, so it is a natural fit to leverage Dosatron’s market leadership with the Maximus controls and IIoT expertise. We look forward to expanding Maximus into additional PST brands and across the Ingersoll Rand portfolio.”
Godfrey & Kahn S.C. is serving as legal counsel to Ingersoll Rand and Société d’avocats Dexar Inc. and Varnum LLP are serving as legal counsel to Maximus.