IDEX Corporation declared that it has gone into a definitive agreement to procure Airtech Group, Inc., US Valve Corporation and related substances from investment funds oversaw by EagleTree Capital for cash consideration of $470 million, subject to customary post-closing adjustments.
IDEX Corporation Will Take Over Airtech
Airtech designs and manufactures a wide scope of profoundly engineered pressure technology products, including vacuum pumps, regenerative blowers, compressor systems and valves. The organization gives customized solutions across enhanced end markets like alternative energy, food processing, medical, packaging and transportation. Airtech serves clients all around the world, with operations in the United States, Europe and Asia.
“The securing of Airtech expands our aptitude in specialized, high-performing air moving technologies, expanding our capacity to serve customers’ requirements,” IDEX Chief Executive Officer and President Eric Ashleman said. “Airtech has a phenomenal record of giving exceptionally engineered solutions to specialty applications across a wide exhibit of enterprises. We anticipate that this acquisition should be an outstanding fit for IDEX. Our decentralized design gives specialty units critical autonomy, while the regular IDEX culture and operating model give the establishment to operational greatness and development that will upgrade the business the Airtech group has effectively assembled.”
“We proceed to effectively look for freedoms to send capital and secure IDEX-like organizations, just as make some determined wagers in new technologies to support our development potential, further fortify our portfolio and upgrade our re-visitation of investors,” Ashleman said. “It has been a delight working together with the Airtech group over these previous years,” said Robert Fogelson, Senior Partner at EagleTree Capital. “We are completely enchanted that Airtech will turn out to be important for IDEX, which will be a great home for the business as long as possible.” Airtech’s base camp office and biggest assembling office are in Rutherford, New Jersey. The organization has other assembling operations in Werneck, Germany and Shenzhen, China. Airtech will join IDEX’s Health and Science Technology fragment. The exchange is required to nearby the finish of the second quarter of 2021, subject to regulatory approvals and customary closing conditions.