Ingersoll Rand has signed an agreement for the acquisition of ILC Dover from investment company New Mountain Capital for $2.325bn in cash upfront, expanding its presence in life sciences.

The acquisition also includes an earnout based on meeting specific operating efficiency metrics this year.

ILC Dover specialises in the design and production of solutions for the biopharmaceutical, pharmaceutical and medical device markets.

With more than 2,000 employees, the company has a customer base of 11 engineering and production facilities in Asia, North America and Europe.

Ingersoll Rand will also set up a life sciences platform within its precision and science technologies (P&ST) segment.

The platform will integrate ILC Dover and the life science-focused brands of Ingersoll Rand including Air Dimensions, ILS, Thomas, Tricontinent, Welch and Zinsser Analytic.

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The platform will generate $700m, allowing Ingersoll Rand to further concentrate its growth and investment in the life sciences.

ILC Dover president and CEO Corey Walker will spearhead the new life sciences platform, reporting directly to Ingersoll Rand chairman and CEO Vicente Reynal.

The current P&ST segment head Santiago Arias Duval will continue reporting to Reynal and will be responsible for leading a second platform within the unit.

This platform will comprise the remaining P&ST businesses, representing revenue of $1bn.

The acquisition will close in the second quarter of 2024.

Reynal stated: “This acquisition is the next phase of our long-term vision to expand into higher-growth end markets like life sciences.

“We see many opportunities to leverage ILC’s established market positions and brands, including the ability to attach Ingersoll Rand’s existing liquid handling technologies and positive displacement pumps to ILC’s single-use solutions in key biopharma and pharma production processes.

“Through ILC, we will get access to approximately 1,000 customers in the broader life science and healthcare sectors, where we can leverage our demand generation capabilities to drive incremental growth in other Ingersoll Rand product lines like compressors.”