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Ingersoll Rand acquires Paragon for $40M

Feb. 8, 2023
Popular tank truck industry supplier joins global flow creation provider formed in 2020 by merger of Gardner Denver and Ingersoll-Rand PLC’s industrial segment

Paragon Tank Truck Equipment has a new parent.

Ingersoll Rand, a provider of mission-critical flow creation and industrial technologies, recently acquired the Cartersville, Georgia-based tank truck industry supplier for an all-cash purchase price of approximately $40 million.

“Paragon adds differentiated liquid packaging capabilities and expands our blower offerings,” said Gary Gillespie, senior vice president and general manager of Ingersoll Rand’s Industrial Technologies and Services (ITS) Americas business. “The Paragon brand is well known in the market and bringing Paragon into the Ingersoll Rand family adds another option for our customers.

“Paragon also brings deep end user and distributor relationships across the trucking industry, broadening our channel reach.”

Peter Goodier, managing member of Paragon, started the company as Heil Trading Company in 1998. It was renamed Paragon Trading Company in 1996, and Paragon Tank Truck Equipment in 2008. Paragon now is a leading provider of solutions for loading and unloading dry bulk and liquid tank trailers, including pneumatic blowers, stationary packages and accessories for dry bulk and hydraulic packages, coolers, air compressors, and accessories for the liquid segment.

The company, which will join Ingersoll Rand’s ITS segment, has approximately 55 employees and annual revenues of more than $25 million.

Ingersoll Rand Inc. was formed in 2020 by the merger of Gardner Denver and Ingersoll-Rand PLC’s industrial segment. 

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