How Private Equity is Investing in Workers and Strengthening Diversity at a North Carolina-Headquartered Industrial Manufacturer
Washington, D.C. – Today, the American Investment Council (AIC) released the second video in a new series of interviews conducted by Hill TV examining how private equity investments are supporting businesses and workers across America. Today’s video features Vicente Reynal, who is the CEO of the North Carolina-headquartered manufacturer Ingersoll Rand. Reynal discussed how he has worked with KKR to improve diversity at the business by signing the CEO Action for Diversity and Inclusion Pledge:
“Ingersoll Rand’s Board of Directors is now 50% diverse, from gender and ethnicity,” said Ingersoll Rand CEO Vicente Reynal. “We firmly believe that diverse views help deliver strong performance and create a cycle of success that benefits our employees, partners and customers”
Formerly known as Gardner Denver, Ingersoll Rand manufactures a wide range of industrial equipment including parts for ventilators and other critical medical devices used in the fight against COVID-19. KKR first invested in the business back in 2014 and it has since more than doubled in size:
“My experience [with private equity] has been nothing but positive. Ingersoll Rand has had a long, mutual and beneficial partnership with private equity through KKR,” Reynal continued. “They have been a strong ally and their support, collaboration and inspiration has been invaluable to our mutual growth and success.”
Finally, Reynal discussed how the partnership with KKR has helped Ingersoll Rand invest in their workers by giving them a direct ownership stake in the business:
“What we’re doing here is groundbreaking for an industrial company … the employees that held stock in 2017 have been able to see the value appreciate to over 100% of their annual base salary … The mindset of our employees has now shifted from thinking about this is the place I work to this is my business and I’m responsible for the company’s success.”
Reynal’s interview with The Hill is the second in a new series of videos featuring the leaders of private equity-backed businesses who will discuss how private equity has played a crucial role supporting their companies grow and hire new workers.
Click here to watch the previous interview with Minnesota-based Victory Innovations CEO Chris Gurreri, who discussed how The Carlyle Group partnered with his business to manufacture high-grade backpack and hand-held disinfectant sprayers that have been used in the fight against COVID-19.
