RTTNews | Jun 21, 2021 07:27AM EDT

07:27 Monday, June 21, 2021 (RTTNews.com) - Ingersoll Rand Inc. (IR) Monday announced its decision to buy positive displacement pump manufacturer, Seepex GmbH in an all-cash transaction, valued at 431.5 million euros.

Ingersoll believes the acquisition to have complementary synergy opportunities for the company and expects to reduce the post-synergy adjusted EBITDA purchase price multiple to low double digits by year three of ownership.

"Seepex has an exceptional historic organic growth profile with a high single digit revenue CAGR since 2017 with double digit growth expected in 2021, supported by a solid installed base of over 210,000 pumps and recurring aftermarket business that is already above 40% of its total annual revenue," said Vicente Reynal, chief executive officer of Ingersoll Rand.

The deal is expected to close during the third quarter.

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