AIP, LLC entered into an agreement to acquire 55% stake in High Pressure Solutions Segment of Ingersoll Rand Inc. for approximately $300 million on February 14, 2021. Ingersoll will retain a 45% interest in the business. High Pressure Solutions had revenue of $195.6 million and EBITDA of $12.1 million for the year ended December 31, 2020. The transaction, subject to standard closing conditions, is expected to be completed in the first half of 2021. Simmons Energy, a division of Piper Sandler & Co., is serving as exclusive financial advisor to Ingersoll Rand, Citi is serving as special advisor and Jennifer Perkins, Ravi Agarwal, David Thompson, Seth Traxler, Mike Beinus, Adam Kool and Scott Fryman of Kirkland & Ellis LLP is serving as legal counsel. Justin Macke, James Dougherty, and Dan Michaels of Jones Day acted as legal advisor to AIP, LLC. Paul Cuomo, Michael Bodosky, Adam Dawson and Christine Ryu-NayaBaker of Botts L.L.P. acted as legal advisor to AIP, LLC.

AIP, LLC completed the acquisition of 55% stake in High Pressure Solutions Segment of Ingersoll Rand Inc. on April 1, 2021. Piper Sandler & Co. acted as financial advisor to Ingersoll Rand.