Chart Industries (GTLS) has signed a definitive agreement to sell its Roots business to Ingersoll Rand (IR) for an all-cash purchase price of $300M, representing an attractive low-teens adjusted EBITDA multiple. The transaction, which is subject to customary closing conditions, is expected to close in the third quarter 2023. Roots is a leading provider of low-pressure compression and vacuum technologies. As part of the transaction, Ingersoll Rand will assume ownership of the Connersville, Indiana manufacturing facility, which is dedicated to Roots products, as well as retain approximately 300 team members.
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Published first on TheFly
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