By Mike Finney

FREDERICA — ILC Dover, a company that develops spacesuits and inflatable modules for the space industry, is set to be bought by the multinational business Ingersoll Rand.

Officials from Ingersoll Rand announced the deal March 25, stating in a press release that “it has entered into an agreement to acquire ILC Dover from New Mountain Capital, LLC, a leading growth-oriented investment firm with approximately $50 billion in assets under management.”

It went on to say that the purchase would be for more than $2 billion in cash. That price could increase by $75 million, based on ILC’s 2024 results.

Ingersoll Rand representatives expect the deal to close in the second quarter. The company is a global provider of mission-critical flow creation and industrial solutions.

Corey Walker, ILC’s president and CEO, said he is excited about what the deal could mean for the two ventures.

“I am very proud of our team’s passion for innovation, commitment to world-class quality, and overall dedication to our customers during a period of rapid growth,” he noted in a statement. “I’m excited to combine the Ingersoll Rand and ILC Life Science portfolio of products that allow us to serve our customers from the discovery phase in the laboratory to the commercial production of life saving therapies.

“ILC Dover’s direct channel access coupled with Ingersoll Rand’s proven growth and efficiency tools will allow us to accelerate our ability to serve customers across their workflows.”

Over 75 years, ILC Dover has become a world leader in the design and production of solutions for the biopharmaceutical, pharmaceutical and medical device markets. It began supplying equipment to the space industry in the 1960s, during the Apollo moon-landing mission.

The Frederica-based firm will continue to serve its customers via 11 engineering and production facilities in North America, Europe and Asia, with more than 2,000 employees.

“This acquisition is the next phase of our long-term vision to expand into higher-growth end markets like life sciences,” stated Vicente Reynal, Ingersoll Rand’s chair and CEO. “I am incredibly excited to partner with Corey and the outstanding team at ILC, whom we’ve admired for their innovative products and decades of experience in life sciences, to enhance our presence in key workflows and applications.”

He added that, through ILC, Ingersoll Rand will gain access to around 1,000 customers in the life science and health care sectors, where the company can leverage its capabilities to grow other product lines, like compressors.

“Working together, we will continue to drive sustained growth, lead customer value and innovation, and maximize value creation,” he said.

Mr. Walker will lead the life sciences platform and join the Ingersoll Rand leadership team, reporting to Mr. Reynal. This platform will have approximately $700 million in revenue and will enable Ingersoll Rand to focus its investment in life sciences, one of its key strategic areas.

Andre Moura, managing director at New Mountain Capital, stated he has been pleased with the investment firm’s collaboration with ILC.

“Since we acquired ILC in early 2020, we have made substantial investments to support and drive growth. ... We would like to thank Corey Walker and his management team for the successful partnership. Under Corey’s leadership, the business materially expanded its product set, including its portfolio of flexible, single-use solutions for sterile and aseptic manufacturing processes.

“We see a strong fit between Ingersoll Rand and ILC, and we are confident that Ingersoll Rand is the right partner for its next stage of growth.”

Staff writer Mike Finney can be reached at 302-741-8230 or mfinney@iniusa.org.
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