Praxair has acquired Dominion Technology Gases Investment Limited, a supplier of gases used in the offshore oil and gas industry and a portfolio company of Graphite Capital.
Dominion Technology Gases is a supplier of diving, welding, industrial, laboratory and calibration gases and associated equipment to the offshore oil and gas industry. Annual revenues for the company are approximately $55 million. The company was founded in 1988 and is based in Aberdeen, Scotland (www.dominion-gas.com).
Graphite Capital invests in middle market leveraged buyouts with valuations up to £200 million. The firm is currently investing Graphite Capital Partners VII with £475 million in capital, and a co-investment fund with capital of £110 million. Graphite Capital is headquartered in London (www.graphitecapital.com).
Praxair (NYSE: PX)is the largest industrial gases company in North and South America, and one of the largest worldwide, with 2012 sales of $11 billion. The company produces, sells and distributes atmospheric, process and specialty gases, and high-performance surface coatings. The company is based in Danbury, CT (www.praxair.com).
“The addition of Dominion significantly expands Praxair’s oil and gas related capabilities to global customers in the offshore energy segment,” said Scott Kaltrider, vice president, helium and oil and gas services for Praxair. “The Dominion team has built a premier, service-oriented business with 25 years of recognized commitment to superior customer service. With significant growth forecasted in offshore oil and gas exploration and production, we look forward to building on this outstanding service platform and significantly expanding growth through Praxair’s global footprint.”
© 2013 PEPD • Private Equity’s Leading News Magazine • 5-29-13
