Ingersoll Rand is a global manufacturer of industrial flow creation and compression equipment — primarily air compressors, vacuum products, blowers, and pumps — used across virtually every manufacturing and industrial facility worldwide. Compressed air functions as a utility within industrial operations, powering pneumatic tools, machinery, and automated equipment, giving Ingersoll Rand's products a non-discretionary role in its customers' processes. The company operates through two segments: Industrial Technologies and Services (ITS), which covers compressors, vacuum and blower products, power tools, and lifting equipment; and Precision and Science Technologies (PST), which covers specialized pumps and liquid handling systems as well as single-use containment and handling systems for biopharma and pharmaceutical manufacturing. Ingersoll Rand sells equipment directly and through a global independent distributor network under more than 90 brands, including Gardner Denver, CompAir, Nash, and Milton Roy. A key feature of the business model is the aftermarket — parts, consumables, and services tied to the installed base — which accounts for roughly 36-37% of revenue and carries higher margins than new equipment sales. Ingersoll Rand is actively converting aftermarket relationships into long-term service contracts, which now exceed $450M in annual revenue. The company grows through bolt-on M&A, targeting 400-500 bps of annualized inorganic revenue annually, typically acquiring family-owned businesses at roughly 9-10x pre-synergy EBITDA and improving margins through its IRX operational system.