M&A Deal Summary

IR Acquires ILC Dover

On March 25, 2024, IR acquired manufacturer ILC Dover from New Mountain Capital for 2.3B USD

Acquisition Highlights
  • This is IR’s 13th transaction in the Manufacturing sector.
  • This is IR’s 2nd largest (disclosed) transaction.
  • This is IR’s 25th transaction in the United States.
  • This is IR’s 1st transaction in Delaware.

M&A Deal Summary

Date 2024-03-25
Target ILC Dover
Sector Manufacturing
Buyer(s) IR
Sellers(s) New Mountain Capital
Deal Type Add-on Acquisition
Deal Value 2.3B USD

Target

ILC Dover

Frederica, Delaware, United States
ILC Dover provides high-performance flexible materials for complex government and commercial applications, including bio-pharmaceutical and personal hazmat protection, infrastructure protection, inflatable applications, lighter-than-air airships, and pressurized spacesuits. ILC Dover has manufacturing locations in Delaware, Texas, and Switzerland.

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Buyer(S) 1

Buyer

IR

Davidson, North Carolina, United States

Category Company
Founded 1859
Sector Machinery
Employees18,000
Revenue 6.8B USD (2023)
DESCRIPTION

IR is a manufacturer of highly engineered products, including compressors, liquid ring pumps and blowers for various industrial, medical, environmental, transportation and process applications, pumps used in the petroleum and industrial market segments and other fluid transfer equipment, such as loading arms and dry break couplers, serving chemical, petroleum and food industries. IR was founded in 1859 and is based in Davidson, Wisconsin.


DEAL STATS #
Overall 43 of 48
Sector (Manufacturing) 13 of 14
Type (Add-on Acquisition) 37 of 42
State (Delaware) 1 of 1
Country (United States) 25 of 27
Year (2024) 1 of 6
Size (of disclosed) 2 of 18
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-06-12 Roots

Connersville, Indiana, United States

Roots is a provider of rotary positive displacement blowers for wastewater treatment plants and other industrial applications. It also produces robust, heavy-duty bi-lobe and tri-lobe designs that deliver reliable performance with innovative Whispair technology for low noise, and low pulsation compression. Roots was formed in 1854 and is based in Connersville, Indiana.

Buy $300M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-04-03 Ethafilter

Sovizzo, Italy

Ethafilter produces filters and filter elements that can be used with all major brands in the compressed air sector. The company's products include standard filters, sterile filters, high-pressure filters, refrigerated air dryers, absorption dryers, condensate treatment, and nitrogen generators. Ethafilter is based in Sovizzo, Italy.

Buy -

Seller(S) 1

SELLER

New Mountain Capital

New York, New York, United States

Category Private Equity Firm
Founded 2000
PE ASSETS 35.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

New Mountain Capital is a private investment firm focused on investment in public and private companies in a variety of industries. New Mountain generally invests $100 to $500 million per transaction and looks for businesses with strong market positions and high barriers to entry. New Mountain also prefers businesses that succeed in both good and bad economies. Sectors of interest include education, healthcare, business services, federal IT services, media, software, consumer products, logistics, financial services and technologies, and energy. New Mountain Capital was formed in 2000 and is based in New York City.


DEAL STATS #
Overall 44 of 45
Sector (Manufacturing) 1 of 1
Type (Add-on Acquisition) 22 of 22
State (Delaware) 1 of 1
Country (United States) 41 of 42
Year (2024) 1 of 2
Size (of disclosed) 4 of 15
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-03-15 Grant Thornton

Chicago, Illinois, United States

Grant Thornton is an accounting, tax and management-consulting firm focused on mid-sized US-based businesses. Grant Thornton was founded in 1924 and is based in Chicago, Illinois.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-04-02 Rawlings

La Grange, Kentucky, United States

Rawlings is a technology-enabled coverage analytics provider that delivers savings for its health insurance clients by identifying liable third parties responsible for paying medical claims across its subrogation, coordination of benefits, and drug claim payment integrity offerings. Rawlings was formed in 1977 and is based in La Grange, Kentucky.

Buy -