GRAND RAPIDS — Independent air compressor distributor Michigan Air Solutions LLC has been acquired by the U.S. affiliate of ELGi Equipments Ltd., a global air compressor manufacturer based in southern India.
The deal for Grand Rapids-based Michigan Air Solutions allows ELGi to expand and grow its presence in the U.S. via an established customer base, according to a statement.
Established in 2009, Michigan Air Solutions serves customers in the Lower Peninsula with air compressors, dryers, filtration, piping, vacuum pumps and blowers, among others.
“We recognize ELGi’s commitment to manufacturing products with best-in-class reliability and ownership cost. Matched to Michigan Air’s proven customer service, we will create a formidable team,” Lisa Lewis, general manager at Michigan Air Solutions, said in a statement.
Terms of the deal were not disclosed.
“ELGi’s acquisition of Michigan Air is a continuation of our strategy to invest in select, inorganic opportunities to gain presence in the North American market,” said David Puck, president of ELGi North America. “With ELGi’s robust product portfolio and Michigan Air’s customer centricity, we are confident of building a strong foundation for market growth in the Midwest.”
ELGi is publicly traded on the National Stock Exchange of India and has a market capitalization equivalent to more than $566 million.
Executives told the Hindu Business Line last month that they aim to grow revenues to $1.6 million by 2027 by targeting acquisitions of air compressor distributors to allow the company access to end customers.