Clearwater International advises Ingersoll Rand on its acquisition of Friulair, a portfolio company of Alcedo
Clearwater International has advised Ingersoll Rand Inc. (Ingersoll Rand), a global manufacturer and distributor of compressed air solutions, on its acquisition of 100% of the share capital of Friulair S.r.l. (Friulair), a portfolio company of Alcedo SGR S.p.A. (Alcedo), that designs, manufactures and distributes a wide range of products for the treatment of compressed air and industrial refrigeration, for a total consideration of approximately €145m.
Founded in 1989 and headquartered in Cervignano del Friuli (UD), Italy, Friulair and its subsidiary, Friulair Thailand Co. Ltd., design, manufacture, and distribute dryers, filters, aftercoolers, and other accessories for compressed air treatment (dryers division) as well as industrial water refrigeration systems (chillers division). In 2020, Alcedo acquired an 80% stake in the company from the founder, who retained the position of Chairman and CEO, as a minority shareholder. Friulair generated €65m of consolidated revenues during 2023, marketing its products through direct sales and distributors, containing a customer portfolio of world-leading groups within the compressed air and industrial refrigeration sectors.
Formed in 2020 from the spinoff of the industrial segment of Ingersoll-Rand Plc, which is now known as Trane Technologies, and its merger with Gardner Denver, Ingersoll Rand is an American company listed on the NYSE with revenues of nearly €6bn. Globally, it provides compressed air solutions for various industries such as aerospace, textile, energy, oil and gas, food, and chemical. Ingersoll Rand is headquartered in Davidson, North Carolina, and employs more than 17,000 people worldwide with a global business presence in North America, Latin America, Europe, Middle East, Africa, and Asia Pacific.
As part of the transaction, Friulair will join Ingersoll Rand's Industrial Technologies and Services segment, and Ingersoll Rand will assume ownership of the production facilities in Cervignano del Friuli, Italy, and Si Racha Chon Buri, Thailand.
This acquisition will enable Ingersoll Rand to increase the size of its air dryer business, significantly increasing the company's access to the original equipment manufacturer channel and accelerating growth in the food and beverage and pharmaceutical markets, as well as adding new chiller manufacturing capabilities.