Paragon Tank Truck Equipment (“Paragon”), a leading manufacturer of blowers and pumps for loading and unloading dry bulk and liquid tanks, has been sold to Ingersoll Rand Inc. [NYSE: IR] for an all-cash purchase price of approximately $40 million.
Paragon, based in Catersville, Georgia, is an industry leader for tank truck loading and unloading solutions. The Company’s solutions include pneumatic blowers, stationary packages and accessories for dry bulk and hydraulic packages, coolers, air compressors and accessories for the liquid segment. The Company serves customers within the trucking industry for a variety of applications in food, chemical, plastics, cement, heavy minerals, and petroleum. Paragon has approximately 55 employees and annual revenue of more than $25 million.
Ingersoll Rand, based in Davidson, North Carolina, is a global provider of innovative and mission-critical industrial, energy, medical and specialty vehicle products and services across 40+ brands designed to excel in even the most complex and harsh conditions.
EC M&A acted as exclusive M&A advisor to Paragon Tank Truck Equipment on the transaction.