Ingersoll-Rand plc has made a binding offer to acquire Precision Flow Systems (PFS) from funds advised by BC Partners Advisors LP and The Carlyle Group in a US$1.45 billion deal.
PFS, which has been operated by Accudyne Industries since 2012, provides complex, mission critical pump and flow management technologies for applications including water, agriculture, food and beverage, pharmaceuticals and process industries. Brands include Milton Roy®, LMI®, Haskel®, BuTech®, Dosatron®, YZ Systems®, Williams® and Hartell®. The business had sales of approximately US$400 million in 2018, employs around 1000 people and operates seven manufacturing locations worldwide.
When the deal closes, PFS will combine with Ingersoll Rand’s current Fluid Management business, which designs, manufactures, and markets pumps for specialized fluid handling applications under the ARO® brand.
“The proposed acquisition of PFS will accelerate the strategic growth of our highly profitable Fluid Management business in our Industrial segment, while significantly diversifying and enhancing our product portfolio,” said Michael Lamach, chairman and CEO of Ingersoll Rand. “With PFS, Ingersoll Rand will be well positioned as a leading provider of complex, mission critical pump and flow management technologies across highly diverse and attractive end markets and verticals.”
“We are proud of the growth and development of PFS under our ownership,” said Charles Treadway, CEO of Accudyne Industries. “Ingersoll Rand’s offer to acquire PFS is a strong endorsement of the value of this business. We are confident that PFS will continue to reach new heights as part of a leading global company and we believe this presents an exciting opportunity for our PFS employees, distributor partners, and end-customers.”
Sundyne remains owned by funds advised by BC Partners Advisors LP and The Carlyle Group.