Tech Air, a portfolio company of CI Capital Partners, has completed the add-on acquisition of Florida-based Liquid Technology Corporation. This is the 16th add-on acquisition completed by Tech Air since being acquired by CI Capital Partners in December 2010.
Liquid Technology supplies a full line of specialty gases and mixes throughout the country. In addition to its specialty gases, other products include gas detector, hydrogen sulfide monitors, combustible gas detectors, and gas bottles. Liquid Technology is headquartered near Orlando in Apopka, FL and has an operating facility near Houston in Pasadena, TX (www.liquidtechcorp.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 these acquisitions, Tech Air now operates through 36 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).
“The acquisition of Liquid Technology will greatly enhance Tech Air’s specialty gases production capabilities and its locations in Orlando and Houston perfectly complement our existing specialty gas production in California,” said Myles Dempsey, Jr., Chief Executive Officer of Tech Air.
With the acquisition of Liquid Tech, Tech Air now has the ability to supply specialty gas customers throughout the US. “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.”
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 190 acquisitions representing over $8 billion in enterprise value. The firm is based in New York (www.cicapllc.com).
In a separate transaction, Tech Air has also signed an agreement to acquire the specialty gas distribution assets of Linden, NJ-based JW Goodliffe & Son. Closing of this transaction is expected to take place in the fourth quarter.
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