specialty gases

CI Capital Continues Specialty Gases Build with Latest Buy

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Tech Air, a portfolio company of CI Capital Partners, has signed an agreement to acquire Prest-O-Sales & Service and Prest-O-Peconic. Tech Air was acquired by CI Capital Partners in December 2010.

Prest-O-Sales & Service (POS) and Prest-O-Peconic (POP) are distributors of industrial, specialty and medical gases to a range of customers and industries. The companies have locations in Long Island City, NY and Riverhead, NY (www.prest-o-sales.com).

POS and POP will become Tech Air’s tenth and eleventh add-on acquisitions since CI Capital acquired the company in partnership with Tech Air’s management in 2010. Last month, Tech Air closed its ninth add-on acquisition when it purchased McGinnis Welding Supply, a distributor of industrial, specialty and medical gases with locations in Wichita Falls and Vernon, TX.

“Tech Air has established itself as an acquirer of choice in the fragmented packaged gas distribution sector because of its flexible approach in meeting owners’ objectives and a solid track record of closing acquisitions.  Including the acquisition of POS and POP, Tech Air has made eleven add-on acquisitions with an active pipeline of additional transactions,” said Joost Thesseling, Managing Director at CI Capital Partners.

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.  Tech Air was founded in 1935 and is headquartered in Danbury, CT and operates through 27 branch and fill locations in the Northeast, Southeast, Southwest and West (www.techair.com).

“Prest-O-Sales and Prest-O-Peconic will significantly bolster our already strong position in the New York metropolitan area, facilitating better coverage of Long Island and New York City.  We remain committed to our strategy of acquiring high quality regional distributors throughout the continental United States and are actively seeking additional acquisitions,” said Myles Dempsey, Jr., Chief Executive Officer of Tech Air.

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

CI Acquires US Oxygen and Specialty Air

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Tech Air, a distributor of industrial, medical, and specialty gases and related welding supplies and a portfolio company of CI Capital Partners, has acquired US Oxygen & Supply and Specialty Air Technologies.

US Oxygen is a distributor of industrial, specialty and medical gases in the Dallas-Fort Worth area. The company, which was founded in 2012, serves a range of customers and industries.  US Oxygen was founded in 2012 and is based in Arlington, TX (www.usoxygensupply.com).

Specialty Air Technologies (SAT) is a wholesaler of specialty gases and mixtures with customers throughout the Western United States. The company was founded in 1997 and is based in Long Beach, CA (no website found).

The acquisitions of US Oxygen and SAT give Tech Air entry points into the Texas and California markets.  Including US Oxygen and SAT, Tech Air has now completed eight acquisitions since CI Capital acquired the company in partnership with Tech Air’s management in 2010.

“The acquisitions of US Oxygen and SAT add to Tech Air’s growing geographic footprint.  Tech Air now operates through 25 branch and fill plant locations and is serving customers in the Northeast, Southeast, Southwest and West,” said Myles Dempsey, Jr., CEO of Tech Air.  “We are pleased with these acquisitions and we remain focused on our strategy of acquiring high-quality regional distributors throughout the continental United States.”

Tech Air is a packager and distributor of industrial, medical and specialty gases, welding equipment and supplies.  The company and operates through 25 branch and fill locations in the Northeast, Southeast, Southwest and West.  Tech Air serves more than 10,000 customers in a range of industries.  The company was founded in 1935 and is headquartered in Danbury, CT (www.techair.com).

“Tech Air’s management has done a great job executing its acquisition strategy and building the company’s reputation as a well-capitalized, credible buyer,” said Joost Thesseling, Managing Director at CI Capital Partners.  “For each acquisition, we were able to find a creative solution that was attractive to the sellers and provided an opportunity for them to participate in the business moving forward.”

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 founding in 1993, CI Capital and its portfolio companies have made more than 125 acquisitions representing over $7 billion in enterprise value. CI Capital’s existing portfolio consists of companies which collectively generate annual revenue of approximately $4 billion, EBITDA of approximately $400 million, and employ approximately 14,000 people. The firm is based in New York (www.cicapllc.com).

© 2014 PEPD • Private Equity’s Leading News Magazine • 9-2-14