New Mountain Capital will sell ILC Dover to Ingersoll Rand for about $2.3 billion, according to industry reports.

ILC, founded in 1947 and based in Frederica, Del., designs and produces solutions for the biopharmaceutical, pharmaceutical and medical device markets and aerospace industries.

New Mountain, based in New York, is a growth-oriented investment firm. Founded in 1999, the firm manages private equity, credit and net lease real estate funds with approximately $50 billion in assets under management.

Ingersoll Rand (NYSE: IR), founded in 1859 and based in Davidson, N.C., provides flow creation and industrial products. Following the acquisition, reports indicate that the company will establish a life sciences platform consisting of the company’s life science-focused brands and ILC.

The acquisition is expected to close in the second quarter.