CI Capital Completes 15th Tech Air Add-On
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CI Capital Completes 15th Tech Air Add-On

gasco nf1Tech Air, a portfolio company of CI Capital Partners, has completed the add-on acquisition of Gas & Alloy Supply Co. This is the fifteenth add-on acquisition completed by Tech Air since being acquired by CI Capital Partners in December 2010.

Gas & Alloy Supply Co. (GASCO) is a distributor of gases and welding supplies to companies in the Dallas-Fort Worth area.  The company’s owners – Kirk Foote and Bill Carpenter – will remain actively employed with the company after closing. GASCO is based in Dallas (www.gascotx.com).

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.  With the closing of the GASCO acquisition, Tech Air now operates through 31 branch and fill locations in the Northeast, Southeast, Southwest and West.  Tech Air was founded in 1935 and is headquartered in Danbury, CT (www.techair.com).

“We are thrilled to announce the addition of GASCO to our rapidly growing Southwest region, led by Jeff Palmer, the President of Tech Air of Texas.  GASCO is known for outstanding customer service and technical capabilities and will benefit from Tech Air’s growth capital, access to a broad base of suppliers and administrative and operational support,” said Myles Dempsey, Jr., Chief Executive Officer of Tech Air.

Joost Thesseling nf2“We are very proud of Tech Air’s ability to form partnerships with the owners of other industrial gas distributors to successfully execute its acquisition strategy,” said Joost Thesseling, Managing Director at CI Capital Partners. “With fifteen acquisitions completed, we are very pleased with the company’s progress and will continue to support Myles and the rest of the Tech Air team as they continue to execute their growth strategy.”

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 160 acquisitions representing over $7 billion in enterprise value.  The firm is based in New York (www.cicapllc.com).

© 2015 PEPD • Private Equity’s Leading News Magazine • 9-2-15

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