Ingersoll-Rand’s $1.45 Billion Acquisition of Precision Flow Systems

Goldman Sachs & Co. LLC. acted as exclusive financial advisor and Kirkland & Ellis LLP acted as legal advisor for Ingersoll Rand in this transaction. Morgan Stanley & Co. LLC acted as exclusive financial advisor and Latham & Watkins LLP acted as legal advisor for Precision Flow Systems in this transaction. Khaitan & Co advised Ingersoll Rand on the Indian leg of its global acquisition.

Ingersoll-Rand plc (NYSE: IR), a world leader in creating comfortable, sustainable and efficient environments, has made a binding offer to acquire Precision Flow Systems (“PFS”) from funds advised by BC Partners Advisors L.P. and The Carlyle Group for $1.45 billion.

PFS is a leading provider of fluid management systems with world class brands including Milton Roy®, LMI®, Haskel®, BuTech®, Dosatron®, YZ Systems®, Williams® and Hartell®. It serves mission critical applications including water, agriculture, food and beverage, pharmaceuticals and process industries. PFS generated sales of approximately $400 million in 2018, has approximately 1,000 employees and operates seven global manufacturing locations.

At the time of acquisition close, PFS would combine with Ingersoll Rand’s Fluid Management business, which designs, manufactures, and markets pumps for specialized fluid handling applications under the ARO® brand. The PFS product portfolio is complementary with Ingersoll Rand’s Fluid Management portfolio.

Kirkland & Ellis advised Ingersoll-Rand plc with a team including Peter Martelli and Carlo Zenkner and associate Kristin Rulison; technology & IP transactions partner Matthew Lovell and associate Jeffrey Seroogy; tax partner Benjamin Schreiner and associate Tara Rhoades; and executive compensation partner Jennifer Pepin and associate Frances Tompson.

In India, Khaitan & Co advised Ingersoll-Rand plc with Ganesh Prasad, Rishabh Bharadwaj, Kamna Kumar and Sanjay Krishna.

Latham & Watkins Advises Precision Flow Systems, BC Partners Advisors L.P., and The Carlyle Group with a team including Paul Sheridan, Shaun Hartley, David Raab, David Della Rocca, James Barrett and Steve Betensky.

Involved fees earner: Ganesh Prasad – Khaitan & Co.; Matthew Lovell – Kirkland & Ellis; Peter Martelli – Kirkland & Ellis; Jennifer Pepin – Kirkland & Ellis; Tara Rhoades – Kirkland & Ellis; Kristin Rulison – Kirkland & Ellis; Benjamin Schreiner – Kirkland & Ellis; Jeffrey Seroogy – Kirkland & Ellis; Frances Tompson – Kirkland & Ellis; Carlo Zenkner – Kirkland & Ellis; James Barrett – Latham & Watkins; Steven Betensky – Latham & Watkins; David Della Rocca – Latham & Watkins; Shaun Hartley – Latham & Watkins; David Raab – Latham & Watkins; Paul Sheridan Jr. – Latham & Watkins;

Law Firms: Khaitan & Co.; Kirkland & Ellis; Latham & Watkins;

Clients: BC Partners; Carlyle Group; Ingersoll-Rand plc; Precision Flow Systems;