Tech Air, a portfolio company of CI Capital, has acquired Speed Industrial Supply. This is the 26th add-on acquisition completed by Tech Air since being acquired by CI Capital in December 2010.
Speed Industrial Supply is a distributor of industrial and welding supplies serving the Galveston Bay area near Houston. The company’s customers include large industrial welding and maintenance companies that serve the heavy industrial sector, such as oil rigs and refineries.
Speed Industrial is headquartered in Kemah, TX (www.speedindustrialsupply.com).
Tech Air is a packager and distributor of industrial, medical and specialty gases, welding equipment and supplies. The company has more than 45,000 customers that operate across a range of industries and operates through 45 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 Speed Industrial provides Tech Air a base from which to launch a new regional operation in the Houston area, and continues Tech Air’s geographic expansion throughout the United States. In February 2018, Tech Air completed the acquisition of North Hollywood, CA-based Leeper Brothers, distributor of medical gases – oxygen, nitrous oxide, helium, and nitrogen – used by dentists and oral surgeons; and in April 2018 it acquired Denver, CO-based Colorado Distributing, a distributor of hardgoods to the power and utilities sectors.
“We are very pleased with Tech Air’s expansion through the acquisition of such high-quality businesses,” said Myles Dempsey, Jr., CEO of Tech Air. “Speed has a well-established reputation and strategic value in the attractive Galveston-Houston area and we look forward to building on this acquisition in the region. Colorado Distributing builds upon our growth strategy in that state and strengthens our service offerings. The acquisition of Leeper Brothers greatly enhances our position in Southern California, and we are excited to have added medical gas business to our business mix.”
“Through 26 add-on acquisitions, Tech Air has transformed a regional company to one with significant operations coast-to-coast,” said Joost Thesseling, Managing Director at CI Capital. “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 290 acquisitions representing over $9 billion in enterprise value. The firm is based in New York (www.cicapllc.com).
© 2018 Private Equity Professional | August 20, 2018