The company was formed in February 2020 through the spinoff of the industrial segment of Ingersoll-Rand plc (now known as Trane Technologies) and its merger with Gardner Denver.

Gardner Denver Inc traded on the New York Stock Exchange until it was acquired by private equity firm Kohlberg Kravis Roberts & Co. L.P. in 2013.

When Gardner Denver completed its initial public offering in May 2017, it granted deferred stock units to substantially all permanent employees.

Following the merger in 2020, the company granted stock units worth approximately $150 million to substantially of its 16,000 global employees that had not already received equity-based incentive awards.

In April 2021, a controlling interest in its High Pressure Solutions segment was sold to American Industrial Partners for $278 million.

In June 2021, Club Car, previously Ingersoll Rand's Specialty Vehicles Technologies segment, was sold to Platinum Equity Advisors for $1.68 billion.