BY Richard Summerfield
Industrial technology group Ametek has agreed to acquire the instrumentation businesses of Indicor, a portfolio company of private equity firm Clayton, Dubilier & Rice (CD&R), in an all-cash deal valued at around $5bn.
According to a statement announcing the deal, Ametek plans to fund the acquisition through borrowings under its existing credit facility and new debt issuance. The transaction is subject to customary closing conditions, including applicable regulatory approvals, and is expected to close in the second half of 2026.
Indicor, which is owned by CD&R, designs and produces testing and control equipment used for scientific and industrial applications. It generates $1.1bn in annual sales, according to Ametek.
“Indicor is an exceptional fit for Ametek,” said David A. Zapico, chairman and chief executive of Ametek. “In a single transaction, we are adding a high-quality group of businesses with differentiated technologies, complementary market positions, and attractive growth prospects. We see meaningful potential to create value through integration into AMETEK’s operating model.”
Indicor itself is a 16-brand industrial-instrumentation portfolio (including Alpha, AMOT, CCC, Cornell, Dynisco, Roper Pump, Struers, Uson and others) that originated as a 2022 carve-out from Roper Technologies, with CD&R taking a 51 percent majority stake at a $3.6bn enterprise value and Roper retaining a 49 percent minority equity interest plus $2.6bn in upfront cash. The company adopted the Indicor brand name in January 2023.
Under the terms of the deal, Ametek is not buying the whole Indicor portfolio; rather, the deal is for the test-and-measurement subset specifically. The pumps-and-valves businesses, namely Roper Pump, Cornell, AMOT and Hansen, will remain inside Indicor under CD&R’s continued majority ownership.
According to Private Equity Insights’ deal analysis, the total cash consideration of $5bn is in the 12-14x earnings before interest, taxes, depreciation and amortisation (EBITDA) range, and the firm is on track for a 2.5-3.5x money multiple on its original equity once the remaining pumps-and-valves businesses exit separately. This is a strong return, particularly in the context of PE industrial exits in 2025 and the first half of 2026 where exits have been difficult to achieve, thanks to rising rates and compressed strategic-buyer multiples.
Roper, the original seller, also benefits from the Indicor deal. Per its 2022 announcement, its 49 percent minority interest entitles it to a proportional share of exit proceeds. The sale to Indicor returns material cash to Roper on top of the original $2.6bn.
News: AMETEK Announces Agreement to Acquire Indicor Instrumentation