Tech Air, a portfolio company of CI Capital Partners, has acquired Gases & Arc Supply, a distributor of welding & industrial supplies and industrial gases. This is the 21st add-on acquisition completed by the company since being acquired by CI Capital in December 2010.
Gases & Arc serves industrial companies in the construction, pipe and metal fabrication industries. The company was founded in 1995 by Bob Backowies and Jim O’Connor and is based in a 20,000 sq. ft. facility in Denver (www.gasesandarc.com). Both Mr. O’Connor and Mr. Backowies will remain actively involved with the company under Tech Air ownership.
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 and 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 Gases & Arc creates a new region for Tech Air in Colorado, complementing Tech Air’s existing regions in the Northeastern, Southeastern, Southwestern and Western United States,” said Myles Dempsey, Jr., CEO of Tech Air.
“Tech Air’s significant investments in people and infrastructure have allowed the company to consummate 21 add-on acquisitions to date,” said Joost Thesseling, Managing Director at CI Capital. “We are thrilled for Tech Air to establish a presence in Colorado and look forward to Tech Air expanding in that region with other add-on acquisitions. We remain committed to supporting 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 190 acquisitions representing over $8 billion in enterprise value. The firm is based in New York (www.cicapllc.com).
© 2017 Private Equity Professional | February 1, 2017
