Acquisition of LeROI Compressors will provide further access to gas compression and vapor recovery market
Gardner Denver's distribution network, operational framework, and global R&D capabilities to be leveraged to drive future profitable growth at LeROI
Acquisition fits disciplined capital allocation strategy of M&A in core, mission critical technologies with strong aftermarket characteristics
Milwaukee, WI (June 7, 2017) - Gardner Denver Holdings Inc. (NYSE: GDI), a leading global provider of mission-critical flow control and compression equipment, announced today that it has acquired LeROI Compressors ("LeROI") for a purchase price of approximately $20 million funded by cash on hand. Based in Sidney, Ohio, LeROI is a leading North American manufacturer of gas compression equipment and solutions for vapor recovery, biogas and other process and industrial applications. LeROI will be part of Gardner Denver's Industrials Segment.
"LeROI is a market-leading business with strong talent and excellent long-standing customer relationships," said Vicente Reynal, Gardner Denver's CEO. "This transaction is aligned with our strategy of leveraging core technologies and know-how to drive organic growth and build additional value at acquired companies. LeROI will provide mission-critical gas compression technologies and enable expansion of our product offering into new and attractive markets. We are thrilled to welcome the LeROI team to the Gardner Denver family," added Reynal.
"This marks an exciting time for the LeROI business," said Richard Wall, LeROI's President. "As part of Gardner Denver, LeROI will be better positioned than ever to continue to deliver service excellence to our customers and expand into new markets."
Gardner Denver (NYSE: GDI) is a leading global provider of mission-critical flow control and compression equipment and associated aftermarket parts, consumables and services, which it sells across multiple attractive end-markets within the industrial, energy and medical industries. Its broad and complete range of compressor, pump, vacuum and blower products and services, along with its application expertise and over 155 years of engineering heritage, allows Gardner Denver to provide differentiated product and service offerings for its customers' specific uses. Gardner Denver supports its customers through its global geographic footprint of 37 key manufacturing facilities, more than 30 complementary service and repair centers across six continents, and approximately 6,100 employees world-wide. For more news and information on Gardner Denver, please visit www.gardnerdenver.com.
This press release includes certain disclosures which contain "forward-looking statements." You can identify forward-looking statements because they contain words such as "will," "believes" and "expects." Forward-looking statements are based on Gardner Denver's current expectations and assumptions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that may differ materially from those contemplated by the forward-looking statements, which are neither statements of historical fact nor guarantees or assurances of future performance. Important factors that could cause actual results to differ materially from those in the forward-looking statements are set forth in our filings with the Securities and Exchange Commission, including our registration statement on Form S-1, as amended from time to time, under the caption "Risk Factors."