Ingersoll Rand acquiring Howden Roots
By Jack Burke19 June 2023
US$300 million cash deal
Ingersoll Rand has entered into a definitive agreement to acquire Howden Roots from Chart Industries for an all-cash purchase price of approximately US$300 million.
Roots is a leading provider of low-pressure compression and vacuum technologies. The business goes to market under the widely recognized Roots brand, which was founded in 1854. Roots has approximately US$115 million in revenue and an established installed base that supports a strong aftermarket business model.
“We have long admired Roots and are thrilled to add this iconic brand to our portfolio,” said Vicente Reynal, chairman and chief executive officer of Ingersoll Rand. “This complementary acquisition expands our low-pressure compression and vacuum product offerings and adds centrifugal compression capabilities.”
“Ingersoll Rand is an excellent home for Roots,” stated Jill Evanko, chief executive officer and president of Chart Industries. “Ingersoll Rand’s multi-channel, multi-brand strategy ensures continuation of the Roots brand and their ownership mindset and model will benefit the Roots employees.”
This acquisition is expected to close in the third quarter 2023 upon obtaining required regulatory approvals. Upon close, Roots will join Ingersoll Rand’s IT&S segment.