Chart Industries sells Roots blowers business to Ingersoll Rand for $300M cash

CHART INDUSTRIES INC

All-cash purchase price of $300M; expected close in Q3 2023, subject to customary conditions.
Transaction represents low-teens adjusted EBITDA multiple; Ingersoll Rand acquires Connersville facility and ~300 employees.
Pro forma net leverage ratio would have been 3.88x vs actual 4.08x at March 31, 2023, assuming debt paydown.
Chart reaffirms FY2023 revenue, adjusted EBITDA, EPS, free cash flow outlook and FY2024 adjusted EBITDA target of $1.3B.
Roots treated as assets held for sale effective March 17, 2023; synergy targets of $175M/$150M unchanged.

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