CI Capital-sponsored Tech Air, Distributor of Industrial, Medical and Specialty Gases, Completes Fifteenth Add-on Acquisition
Danbury, CT, September 1, 2015 – Tech Air, a Connecticut-based distributor of industrial, medical, and specialty gases and related welding supplies, announced today that it has completed the acquisition of Dallas, Texas -based Gas & Alloy Supply Co. (“GASCO”). Tech Air is owned by CI Capital Partners and Tech Air management.
GASCO is a leading distributor of gases & welding supplies in the Dallas-Fort Worth area. GASCO will become part of Tech Air of Texas, Inc. and the sellers, Kirk Foote and Bill Carpenter, will remain actively employed with the company. GASCO is Tech Air’s fifteenth add-on acquisition since CI Capital acquired the company in partnership with Tech Air’s management in 2010. Tech Air now operates through 31 branch and fill plant locations and serves customers in the Northeast, South, Southwest and West.
Myles Dempsey, Jr., Chief Executive Officer of Tech Air, said, “We are thrilled to announce the addition of GASCO to our rapidly growing Southwest region, led by Jeff Palmer, the President of Tech Air of Texas. GASCO is known for outstanding customer service and technical capabilities and will benefit from Tech Air’s growth capital, access to a broad base of suppliers and administrative and operational support. Once again, this acquisition demonstrates the attractiveness of our partnership model for prospective sellers who want to remain involved in their business and care deeply about their customers and employees.”
“The combination of GASCO and our existing business, US Oxygen, in nearby Arlington, TX is a great result for both the employees and customers of both companies.” said Jeff Palmer, President of Tech Air of Texas. “Kirk Foote and Bill Carpenter have built a tremendous business over the last fifteen years and have earned the respect of both customers and suppliers due to their high level of integrity and professionalism. We are truly excited to join forces with such an outstanding company and look forward to working together as we continue our growth in the Dallas-Forth Worth metroplex.”
Joost Thesseling, Managing Director at CI Capital Partners, said, “We are very proud of Tech Air’s ability to form partnerships with the owners of other industrial gas distributors to successfully execute its acquisition strategy. With fifteen acquisitions completed, we are very pleased with the company’s progress and will continue to support Myles and the rest of the Tech Air team as they continue to execute their growth strategy. ”
About Tech Air
Founded in 1935, Tech Air is a leading packager and distributor of industrial, medical and specialty gases, welding equipment and supplies. The company is headquartered in Danbury, CT and operates through 31 branch and fill locations in the Northeast, Southeast, Southwest and West. Tech Air serves more than 10,000 customers in a wide range of industries. To learn more about Tech Air, please visit www.techair.com.
About Gas & Alloy Supply Co.
Located in Dallas, TX, GASCO is a leading distributor of gases & welding supplies in the Dallas-Forth Worth metroplex. Founded in 2001 by industry veterans Kirk Foote and Bill Carpenter, GASCO has earned a reputation for outstanding service and professionalism. To learn more about GASCO, please visit www.gascotx.com
About CI Capital Partners
CI Capital Partners LLC, a North American private equity firm, has been investing in middle-market companies since 1993. CI Capital forms partnerships with experienced management teams and entrepreneurs to build substantial businesses through add-on acquisitions, organic growth and operational improvements. Since the firm’s inception, CI Capital and its portfolio companies have made over 160 acquisitions representing approximately $7 billion in enterprise value. To learn more about CI Capital Partners, please visit www.cicapllc.com.