Ingersoll Rand to Acquire Maximus with Its Expertise in Controls and IIoT Technology

Ingersoll Rand Inc., a provider of mission-critical flow creation and industrial solutions, has entered into an agreement to acquire Maximus, a provider of digital controls and Industrial Internet of Things (IIoT) production management systems for the agritech market. The all-cash transaction, valued at CAD$135.4 million, is expected to close in Q3 upon obtaining required regulatory approvals. Upon transaction close, Maximus will join the Precision and Science Technologies (PST) segment.

The Maximus System is a centralized controller and IIoT platform that connects to farm devices and simplifies facility management. The System tracks the state of farm infrastructure and automates tasks based on artificial intelligence (AI) logic. Based in Montreal, Canada, Maximus has approximately 100 employees and annual revenue of approximately CAD$40 million. The company has experienced greater than 30% revenue CAGR over the past five years and is expecting strong double digit growth over the next five years. In 2021, Maximus is expected to achieve Adjusted EBITDA margins in line with current PST segment levels, and Ingersoll Rand expects to achieve meaningful margin improvement and a high single digit post-synergy EBITDA multiple (excluding flow through from organic growth) by the end of year three of ownership.

Maximus brings extensive knowledge in animal health applications, and its products can be used in other critical applications of the agritech market, including greenhouse (indoor irrigation) and industrial and rural water treatment markets in conjunction with the existing Ingersoll Rand PST product lines of ARO and Milton Roy.

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