Jones Day advised American Industrial Partners on the deal, while Kirkland & Ellis advised Ingersoll Rand.
Ingersoll Rand Inc. (NYSE:IR), a global provider of mission-critical flow creation and industrial solutions, has entered into an agreement to sell a majority interest in its High Pressure Solutions (HPS) Segment to the private equity firm American Industrial Partners (AIP).
Ingersoll Rand will receive cash proceeds of approximately $300 million at closing for its majority interest and will retain a 45% common equity interest in the business. The transaction, subject to standard closing conditions, is expected to be completed in the first half of 2021.
Simmons Energy, a division of Piper Sandler & Co., is serving as exclusive financial advisor to Ingersoll Rand, Citi is serving as special advisor and Kirkland & Ellis LLP is serving as legal counsel.
Ingersoll Rand Inc. (NYSE:IR), driven by an entrepreneurial spirit and ownership mindset, is dedicated to helping make life better for our employees, customers and communities.
American Industrial Partners is an operationally oriented private equity firm that makes control investments in industrial businesses serving domestic and global markets.
The Jones Day team is led by Justin Macke, James Dougherty (Picture), and Dan Michaels.
Kirkland & Ellis advised Ingersoll Rand with corporate partners Jennifer Perkins, Ravi Agarwal and David Thompson and associates Jennifer Gasser and Alastair Smith, technology & IP transactions partner Seth Traxler and associate Matt Darch, and tax partners Mike Beinus, Adam Kool and Scott Fryman.
Involved fees earner: James Dougherty – Jones Day; Justin Macke – Jones Day; Daniel Michaels – Jones Day; Ravi Agarwal – Kirkland & Ellis; Michael Beinus – Kirkland & Ellis; Matthew Darch – Kirkland & Ellis; Scott Fryman – Kirkland & Ellis; Jennifer Gasser – Kirkland & Ellis; Adam Kool – Kirkland & Ellis; Jennifer Perkins – Kirkland & Ellis; Alastair Smith – Kirkland & Ellis; David Thompson – Kirkland & Ellis; Seth Traxler – Kirkland & Ellis;
Law Firms: Jones Day; Kirkland & Ellis;
Clients: American Industrial Partners; Ingersoll-Rand plc;