HOUSTON, Feb. 16, 2021 /PRNewswire/ -- American Industrial Partners ("AIP") announced today the signing of an agreement to acquire a majority interest in the High Pressure Solutions Segment ("HPS" or the "Company") of Ingersoll Rand (formerly part of Gardner Denver's Energy Segment). The transaction is subject to customary closing conditions and is expected to be completed in the first half of 2021.
AIP was attracted to HPS due to its position as a premier market leader in the manufacturing, service, and repair of high-pressure pumps and related consumables in the upstream energy market. The completion of the transaction will result in HPS becoming a stand-alone business, enabling the Company to focus its efforts on best serving its customers in the upstream oilfield service sector, while continuing its legacy of delivering highly-engineered and efficient, customer-driven solutions to meet the evolving needs of the market.
"We are excited to partner with the team at HPS to advance the Company's storied history of innovation and commercialization of technologies that enable efficient energy production," said Alex Menkhaus, a Partner at AIP. "AIP brings deep experience in the end markets served, as well as expertise in new product development, supply chain optimization, and operational excellence, and we look forward to working with the Company to continue to build on the strong foundation that exists today."
"This is a great step forward for our organization that will give us the flexibility to continue to serve our customers with innovative products and excellent customer service," said Ingersoll Rand HPS Segment Vice President and General Manager, Edward Bayhi, who will serve as CEO under the new ownership structure. "We value the investment from Ingersoll Rand that built this business into a market leader, and we are enthusiastic about the next phase of growth as a standalone organization enabled through the partnership with AIP."
American Industrial Partners is an operationally oriented private equity firm that makes control investments in industrial businesses serving domestic and global markets. The firm has deep roots in the industrial economy and has been active in private equity investing since 1989. To date, AIP has completed over 100 transactions and currently has more than $7 billion of assets under management on behalf of leading pension, endowment, and financial institutions. For more information on AIP, visit www.americanindustrial.com
About Ingersoll Rand
Ingersoll Rand Inc. (NYSE:IR), driven by an entrepreneurial spirit and ownership mindset, is dedicated to helping make life better for our employees, customers and communities. Customers lean on us for our technology-driven excellence in mission-critical flow creation and industrial solutions across 40+ respected brands where our products and services excel in the most complex and harsh conditions. Our employees develop customers for life through their daily commitment to expertise, productivity and efficiency. For more information, visit www.IRCO.com.
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SOURCE American Industrial Partners