# IDEX

IDEX is an Asset Manager based in Northbrook, United States.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** Northbrook, United States
- **Region:** North America
- **Address:** Northbrook, IL, United States
- **Founded:** 1995
- **Assets under management:** Undisclosed
- **Website:** idexcorp.com
- **LinkedIn:** https://www.linkedin.com/company/idex-corporation

## Regulatory record

- **Reports private funds:** No

## About

IDEX was incorporated in Delaware in 1987 as a spinoff from Kohlberg Kravis Roberts, beginning public trading in 1989 before formally establishing as an independent entity in 1995. Chief Executive Officer Eric Ashleman and Chief Financial Officer Abhishek Khandelwal lead the company from its headquarters in Northbrook, Illinois. The firm operates as a publicly traded industrial group, not a family office or traditional asset manager, generating wealth through organic growth and a disciplined serial acquisition strategy that targets fragmented niche markets with high replacement demand and regulatory tailwinds. IDEX deploys capital across three primary verticals: Fluid & Metering Technologies, Health & Science Technologies, and Fire & Safety / Diversified Products. The company acquires manufacturing businesses with strong aftermarket revenue streams, applying its '80/20' operating framework to simplify product complexity and improve cash-flow profiles. Notable portfolio companies include Pulsafeeder, a diaphragm metering pump manufacturer serving water treatment and chemical processing industries, and Band-It, a producer of stainless steel clamping solutions for industrial and aerospace applications. The corporate strategy spans North America, Europe, and Asia, with dedicated sales and engineering offices in Shanghai and Mumbai. With a market capitalization exceeding $15 billion and a portfolio of more than 40 operating businesses, IDEX has completed hundreds of acquisitions since its founding. The corporate office in Northbrook functions as a lean strategic hub, setting capital allocation policy and deploying the IDEX operating model across subsidiaries. May 2024: Named William Grogan, formerly Chief Operating Officer, as President of the Health & Science Technologies segment (per the firm, May 2024). The firm maintains a decentralized operational structure where acquired founders and management teams often retain significant autonomy within the IDEX financial controls framework. IDEX's structural differentiator is its role as a permanent acquirer rather than a private equity fund. Unlike PE firms that buy to sell within a defined hold period, IDEX accumulates engineering-intensive manufacturing businesses with the explicit intent to hold them indefinitely — a model that appeals to founder-owned companies seeking a long-term steward rather than a financial sponsor. This perpetual holding structure allows IDEX to invest through industrial cycles without the pressure of fund-life constraints.

## Sectors

- Industrial Tech
- Healthcare Services

## Offices

- Shanghai, China
- Mumbai, India

## People

- Eric Ashleman — Chief Executive Officer
- Abhishek Khandelwal — Chief Financial Officer

## Questions

### Who runs investment and capital allocation decisions at IDEX?

Capital allocation strategy and significant acquisition decisions are led by Chief Executive Officer Eric Ashleman and Chief Financial Officer Abhishek Khandelwal, with oversight from IDEX's board of directors. Day-to-day operational control resides with segment presidents and individual business unit leaders, reflecting IDEX's decentralized structure. The corporate office in Northbrook sets financial policy and deploys the 80/20 operating model across subsidiaries.

### How does IDEX source and evaluate acquisition targets?

IDEX pursues a proprietary, relationship-based sourcing model targeting founder-owned and family-held niche manufacturing businesses. The firm looks for companies with engineered product positions in fragmented markets, high aftermarket revenue, and gross margins above 45%. IDEX's permanent-ownership pitch — no fund life, no forced exit — functions as a key differentiator when competing against private equity buyers for founder-operated companies.

### Which sectors does IDEX explicitly avoid?

IDEX does not invest in consumer-facing businesses, financial services, real estate, extractive industries, or commodity price-dependent manufacturers. The firm concentrates strictly on engineered industrial products where performance specifications, regulatory approvals, or deep customer integration create switching costs that protect margins across economic cycles.

### What is IDEX's posture on co-investments alongside external partners?

IDEX acquires businesses outright for its own balance sheet and does not routinely co-invest alongside external limited partners or offer co-investment slots to third parties. The firm occasionally partners with other strategic buyers to carve out divisions from larger conglomerates, but the primary model is sole ownership with integration into the IDEX operating system.

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- [Pershing Square](https://altss.com/profile/pershing-square-inc)
- [SharkNinja](https://altss.com/profile/sharkninja-inc)

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Last updated: 2026-06-03T20:00:00.000Z

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