March 2019

NEWS HRS Heat Exchangers has been recognised as one of the UK’s top 200 fastest-growing firms for international sales. The thermal technology specialist features in the 10thannual Sunday Times HSBC International Track 200 league table, which ranks independent UK companies according to their international sales growth over the last two years. With a 41% international sales growth (annual average based over two years), global sales worth £20.7 million (out of total sales of £28.3 million) and 179 employees, HRS is ranked at number 161 in the prestigious league table, which has previously recognised such leading brands as Aston Martin, Specsavers, Fever-Tree and Lush. “Reaching this top 200 table is a very proud moment for all of my team,” said Steven Pither, managing director of HRS Heat Exchangers. “We’ve worked hard to build our international platform over many years and seeing our plan result in this kind of success is a very satisfying moment.” Sunday Times names HRS Heat Exchangers one of Britain’s fastest-growing international companies 14 HYDRAULICS & PNEUMATICS March 2019 www.hpmag.co.uk Ingersoll-Rand plc 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 US$1.45 billion. PFS is a 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 1000 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 specialised fluid handling applications under the ARO brand. The PFS product portfolio is complementary with Ingersoll Rand’s Fluid Management portfolio. Diversification “The proposed acquisition of PFS will accelerate the strategic growth of our highly profitable Fluid Management business in our Industrial segment, while significantly diversifying and enhancing our product portfolio,” said Michael W. Lamach, chairman and chief executive officer of Ingersoll Rand. “PFS brings a talented, customer-focused team with expertise in sales, service, engineering and manufacturing, which is a great addition to the company and our Fluid Management team.” He continued: “With PFS, Ingersoll Rand will be well- positioned as a leading provider of complex, mission critical pump and flow management technologies across highly diverse and attractive end markets and verticals. This proposed acquisition aligns well with our focus on consistent, top quartile performance in revenue, margins and cash flow, and is compelling both strategically and financially for our customers and our shareholders.” “We are proud of the growth and development of PFS under our ownership,” said Charles Treadway, chief executive officer of Accudyne Industries, which has operated PFS since 2012. “Ingersoll Rand’s offer to acquire PFS is a strong endorsement of the value of this business. We are confident that PFS will continue to reach new heights as part of a leading global company and we believe this presents an exciting opportunity for our PFS employees, distributor partners, and end-customers.” Sundyne remains owned by funds advised by BC Partners Advisors L.P. and The Carlyle Group. Ingersoll Rand plans to fund the proposed acquisition through a combination of cash on hand and debt. Ingersoll Rand expects to enter into a definitive securities purchase agreement for the proposed acquisition upon completion of information and consultation processes with PFS employee representative bodies in applicable jurisdictions. The proposed acquisition is expected to close in mid-2019, subject to regulatory approval. Ingersoll Rand plans to acquire Precision Flow Systems From left to right: Francisco Hernandez Ortiz, technical director – food; Matt Hale, international sales and marketing director; and Steven Pither, managing director, at a customer’s site in Spain.