Tech Air, a portfolio company of CI Capital Partners, has acquired Angelus Welding, a distributor of welding and industrial supplies, and industrial gases. This is the 22nd add-on acquisition completed by Tech Air since being acquired by CI Capital in December 2010.
Angelus Welding was founded in 1947 and is one of the oldest distributors of industrial gases in Los Angeles. The company primarily serves customers in the entertainment, glassblowing and metal fabrication industries. Angelus will be integrated into Tech Air of California (doing business as Geneva Gas & Supply), which is led by Glen Irving. The President of Angelus, Chris Donohue, along with family members Alexis and Jolene Donohue, 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 35 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 Angelus greatly enhances our position in the Los Angeles market, adding a new location in East LA to complement our existing locations in North Hollywood and Long Beach,” said Myles Dempsey, Jr., Chief Executive Officer of Tech Air.
“Tech Air’s investments in people and infrastructure have allowed the company to consummate 22 add-on acquisitions to date and establish a significant presence in multiple regions across the United States. We remain committed to supporting the company and its acquisition strategy,” said Joost Thesseling, Managing Director at CI Capital.
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 230 acquisitions representing over $8 billion in enterprise value. The firm is based in New York (www.cicapllc.com).
© 2017 Private Equity Professional | June 20, 2017
