Tech Air, a portfolio company of CI Capital Partners, has completed the add-on acquisitions of New York-based Ravena Welding Supply and Texas-based Hereford Welding Supply. These two buys are the 16th and 17th add-on acquisitions completed by Tech Air since being acquired by CI Capital Partners in December 2010.
The acquisition of Ravena expands Tech Air’s presence in New York, a state in which the company has operated since 1935. Hereford is the fourth acquisition that Tech Air has completed in Texas during the last 18 months, creating a substantial presence for the company in that region.
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 these acquisitions, Tech Air now operates through 33 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).
“Tech Air’s acquisition strategy has been built around acquiring high quality regional distributors who share Tech Air’s values and commitment to superior customer service. Both of these companies will benefit from Tech Air’s resources and we are thrilled that members of the management teams of Ravena and Hereford will join Tech Air and help us continue to build a bigger company,” said Myles Dempsey, Jr., Chief Executive Officer of Tech Air.
“Tech Air has made tremendous progress in executing its acquisition strategy,” said Joost Thesseling, Managing Director at CI Capital. “Myles and the rest of the management team have transformed the company into a multi-regional player and established a reputation as a preferred buyer. We look forward to continuing to support the company and its acquisition 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 180 acquisitions representing over $7 billion in enterprise value. The firm is based in New York (www.cicapllc.com).
© 2016 PEPD • Private Equity’s Leading News Magazine • 1-28-16