“The acquisition of Esquire represents the next step in Tech Air’s buy-and-build strategy in the highly fragmented US packaged gas sector. Consistent with previous acquisitions, Esquire is strategic and highly complementary to Tech Air’s existing operations. Tech Air continues to pursue attractive opportunities like Esquire to add to its platform,” said Joost Thesseling, Managing Director at CI Capital Partners.
Esquire Gas Products Company specializes in dry ice (solid carbon dioxide) and liquid carbon dioxide, serving Connecticut, New Hampshire, Massachusetts, Vermont, Rhode Island, and the New York metro area. Esquire was founded in 1940 and is based in Enfield, CT (www.EsquireGas.com).
“This transaction signifies our continued strategy of growth through selective acquisitions of key regional distributors. Esquire’s singular focus on liquid carbon dioxide and dry ice products is a perfect complement to Tech Air’s existing business model. With the addition of Esquire, Tech Air will be even better positioned to serve customers in growing markets such as food & beverage, bio-pharmaceuticals and healthcare,” said Myles Dempsey, Jr., Chief Executive Officer of Tech Air.
Tech Air is a packager and distributor of industrial, medical and specialty gases, welding equipment and supplies. The company was founded in 1935 and is headquartered in Danbury, CT (www.techair.com).
CI Capital Partners invests from $25 million to $100 million in middle market companies in the following sectors: business services, consumer services, distribution, government services and defense, and light manufacturing. Since the firm’s inception in 1993, CI Capital and its portfolio companies have made more than 100 acquisitions representing over $6 billion in enterprise value. CI Capital’s existing portfolio consists of companies which collectively generate annual revenue of approximately $5 billion, EBITDA of approximately $400 million, and employ approximately 15,000 people. The firm is based in New York (www.cicapllc.com).
© 2013 PEPD • Private Equity’s Leading News Magazine • 1-7-13