Prest-O-Sales & Service (POS) and Prest-O-Peconic (POP) are distributors of industrial, specialty and medical gases to a range of customers and industries. The companies have locations in Long Island City, NY and Riverhead, NY (www.prest-o-sales.com).
POS and POP will become Tech Air’s tenth and eleventh add-on acquisitions since CI Capital acquired the company in partnership with Tech Air’s management in 2010. Last month, Tech Air closed its ninth add-on acquisition when it purchased McGinnis Welding Supply, a distributor of industrial, specialty and medical gases with locations in Wichita Falls and Vernon, TX.
“Tech Air has established itself as an acquirer of choice in the fragmented packaged gas distribution sector because of its flexible approach in meeting owners’ objectives and a solid track record of closing acquisitions. Including the acquisition of POS and POP, Tech Air has made eleven add-on acquisitions with an active pipeline of additional transactions,” said Joost Thesseling, Managing Director at CI Capital Partners.
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).
“Prest-O-Sales and Prest-O-Peconic will significantly bolster our already strong position in the New York metropolitan area, facilitating better coverage of Long Island and New York City. 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.
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. The firm is based in New York (www.cicapllc.com).