AirBoss acquires Immediate Response Technologies
Through this agreement, all IRT membership interests will be placed under AirBoss ownership. The initial transaction was worth approximately $37 million and has potential additional payments of up to $25 million based on the performance of the newly acquired company. According to the announcement, IRT is expected to generate $30 million in sales before taxes and other fees.
IRT is a manufacturer of personal protective equipment and safety products that are made to handle threats that are chemical, biological, radiological and nuclear in nature. They supply military, medical and first response industry clients.
"We are pleased to announce the strategic acquisition of IRT, which will provide an expanded defense product offering and diversification of revenue and cash flow," AirBoss President Lisa Swartzman said. "We believe IRT's product mix is uniquely positioned to respond to the increasing protection needs of the first responder, law enforcement, medical and military communities to chemical and biological threats. With the acquisition of IRT, comes an exceptional team of military and defense executives who will further enhance our existing defense operations, which will be fully integrated with the IRT business."
Senior management of IRT will continue to manage daily operations and Tom Ripley, a managing member of the IRT parent company, will serve a new role as AirBoss president of engineered products.