- Builds upon Ingersoll Rand's leadership in digital connectivity offerings
- Provides fleet customers with new ways to leverage intelligent mobile assets
- Accelerates ability to expand into additional vertical markets and applications
Ingersoll-Rand plc (NYSE:IR), a world leader in creating comfortable, sustainable and efficient environments, announced that it has entered into an agreement to acquire GPSi Holdings, LLC from Falconhead Capital, LLC. This acquisition strengthens Ingersoll Rand's telematics portfolio, an important component of its connected technologies strategy.
GPSi is a leading technology provider of cloud-based technology solutions for fleet managers in various transportation markets including education, golf and resorts. Its custom software solutions, combined with a high level of customer support, address diverse needs and are designed to increase productivity and maximize revenue opportunities for fleet owners. It is headquartered in Sarasota, Fla. and has offices in Austin, Texas and East Sussex, England.
"As a leader in telematics, we are pleased to deepen our capabilities in delivering exceptional customer value and end user experience for Ingersoll Rand customers," said Dave Regnery, executive vice president of Ingersoll Rand. "With GPSi, we are well positioned to help customers maximize the value of their fleets, and to capitalize on the multi-billion dollar market for intelligent mobile assets across trucking, resort, golf, education, rental and other industries."
"We are proud of the growth and development of GPSi under our ownership," said David S. Moross, chairman and chief executive officer of Falconhead Capital. "We have executed on a wide range of initiatives designed to make the company's technology and service offerings increasingly valuable to customers in a variety of end markets. In particular, our long relationship with Ingersoll Rand is a clear illustration of the value of GPSi and a critical element of our success. Ingersoll Rand's decision to now acquire GPSi is a strong endorsement of what has been achieved and we are confident that GPSi will continue to reach new heights as part of a leading global company."
For nearly a decade, Ingersoll Rand has been successfully integrating GPSi connectivity offerings with Club Car vehicles to offer a unique golf experience and help owners manage their fleets of cars. Club Car and GPSi have connected 70,000+ vehicles in 50 countries through the Visage platform.
Visage provides fleet owners with real-time tracking, vehicle control and diagnostics, and golfers with an enhanced experience that includes in-vehicle display of course information, food and beverage service, messages and alerts.
The GPSi transaction follows Ingersoll Rand's 2015 acquisition of Celtrak, the leading telematics provider for transport refrigeration, and will build on a growing portfolio of connected assets.
Thermo King has connected more than 30,000 mobile assets, providing insights on the performance and efficiency of transport refrigeration systems. Drivers and fleet owners benefit from real-time data including vehicle tracking and fuel efficiency. In addition, telematics technologies measure critical performance characteristics such as temperature and air quality that protect the value of transported food, pharmaceuticals and other cargo.
The GPSi acquisition is consistent with Ingersoll Rand's strategy to help customers solve climate and industrial challenges including energy and fuel efficiency, food waste and productivity. The value of this acquisition was not disclosed or material.
About Ingersoll Rand
Ingersoll Rand (NYSE:IR) advances the quality of life by creating comfortable, sustainable and efficient environments. Our people and our family of brands-including Club Car, Ingersoll Rand, Thermo King and Trane-work together to enhance the quality and comfort of air in homes and buildings; transport and protect food and perishables; and increase industrial productivity and efficiency. We are a $13 billion global business committed to a world of sustainable progress and enduring results. For more information, visit www.ingersollrand.com.
About Falconhead Capital, LLC
Falconhead Capital, LLC is a private equity firm established in 1998 to provide investors with significant long-term capital appreciation by investing globally in the sports, media, consumer, lifestyle, and food and beverage sectors. Falconhead's portfolio has included ESPN Classic Europe, Multi-Flow Industries, GPSi Holdings, Airhead Sports Group, Javo Beverage Company, Not Your Daughter's Jeans, Competitor Group, Escort Holdings, National Powersport Auctions and Maritime Telecommunications Network. For more information, visit www.falconheadcapital.com.
Misty Zelent, 704-655-5324
Zachary Nagle, 704-990-3001