McGinnis Welding Supply is a distributor of industrial, specialty and medical gases. The company was founded in 1932 and has locations in Wichita Falls and Vernon, TX (no website found).
“We are pleased with the acquisition of McGinnis Welding Supply, which adds to Tech Air’s growing presence in North Texas. We remain committed to our strategy of acquiring high-quality regional distributors throughout the continental United States and are actively seeking additional acquisitions,” 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 has more than 10,000 customers that operate across a range of industries. Tech Air was founded in 1935 and is headquartered in Danbury, CT and operates through 27 branch and fill locations in the Northeast, Southeast, Southwest and West (www.techair.com).
Tech Air was acquired by CI Capital Partners in December 2010 through the firm’s second investment fund, CI Capital Investors II, LP. McGinnis Welding Supply is the ninth add-on acquisition for the company since being acquired by CI.
“Myles Dempsey and his team have done a great job to position Tech Air as a preferred acquirer in the industrial gas distribution market. The acquisition of McGinnis is the latest example of Tech Air’s ability to provide owners with attractive opportunities to remain actively engaged in the management of the business after the acquisition,” said Joost Thesseling, Managing Director at CI Capital Partners. For instance, with the closing of the transaction, McGinnis Welding Supply is now a new division of Tech Air of Texas, and its former owner, Joey Davis, is the General Manager of this division.
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 its founding in 1993, CI Capital and its portfolio companies have made more than 125 acquisitions representing over $7 billion in enterprise value. CI Capital’s existing portfolio consists of companies which collectively generate annual revenue of approximately $4 billion, EBITDA of approximately $400 million, and employ approximately 14,000 people. The firm is based in New York (www.cicapllc.com).
© 2015 PEPD • Private Equity’s Leading News Magazine • 1-20-15