Exhibit 99.3
December 30, 2019
The Board of Directors
Gardner Denver Holdings, Inc.
222 East Erie Street
Milwaukee, WI 53202
Members of the Board of Directors:
We hereby consent to the inclusion of our opinion letter, dated April 29, 2019, to the Board of Directors of Gardner Denver Holdings, Inc. (“Gardner Denver”) as Annex C to, and reference to such opinion letter under the headings “Summary — Opinion of Baird,” “The Transactions — Background of the Merger,” “The Transactions — Gardner Denver’s Reasons for the Merger; Recommendation of Gardner Denver’s Board of Directors,” and “The Transactions — Opinion of Baird” in, the proxy statement/prospectus-information statement relating to the proposed transaction involving Gardner Denver and Ingersoll-Rand U.S. HoldCo, Inc., which proxy statement/prospectus-information statement forms a part of the initially filed Registration Statement on Form S-4 of Gardner Denver (the “Initial Registration Statement”). Notwithstanding the foregoing, it is understood that our consent is being delivered solely in connection with the filing of the Initial Registration Statement and that our opinion letter is not to be used, circulated, quoted or otherwise referred to, for any other purpose, nor is it to be filed with, included in or referred to in whole or in part in any registration statement, proxy statement (including any subsequent amendments to the Initial Registration Statement) or any other document, except in accordance with our prior written consent. By giving such consent, we do not thereby admit that we are experts with respect to any part of such Initial Registration Statement within the meaning of the term “expert” as used in, or that we come within the category of persons whose consent is required under, the Securities Act of 1933, as amended, or the rules and regulations of the Securities and Exchange Commission promulgated thereunder.
Very truly yours,
/s/ ROBERT W. BAIRD & CO. INCORPORATED
ROBERT W. BAIRD & CO. INCORPORATED
