Colfax, a manufacturer of gas- and fluid-handling and fabrication technology products and services, has entered into a binding agreement to acquire the Roots blowers and compressors business unit, also known as Industrial Air & Gas Technologies, from General Electric Oil & Gas for $185 million.
Roots supplies blower and compressor technologies that service a broad range of end markets, including water treatment, chemical production and power generation. Colfax says this acquisition will add important application expertise and products to its portfolio. In 2014, Roots had approximate revenues of $155 million and EBITDA of $22 million.
Closing of the acquisition is expected early in the third quarter.