Danbury, Connecticut – February 11, 2019 – Air Liquide announced that Tech Air has signed a definitive agreement to be acquired by Airgas, an Air Liquide company. The sale is subject to customary closing conditions and regulatory approval. Terms of the transaction were not disclosed.
Founded in 1935, Tech Air is a major distributor of industrial, medical, and specialty gases; welding equipment; and supplies. Tech Air is owned by CI Capital Partners, a New York-based private equity firm, and Tech Air management. The company is headquartered in Danbury, Connecticut and serves more than 45,000 customers.
“With CI Capital’s support, Tech Air transformed itself from a small regional gas distributor and welding supply company based in the Northeast into the broader business it is today,” said Myles Dempsey, Chief Executive Officer of Tech Air. “Together we have built a great company and we are gratified that Airgas has recognized the tremendous value we have created.”
Joost Thesseling, Managing Director at CI Capital, added, “We are grateful to have had the opportunity to support Myles and his team in its buy-and-build strategy, which allowed Tech Air to become a leading packaged gas distributor. We congratulate the Tech Air management team on their unrelenting commitment to value creation. We wish them and Airgas all the best in the future.”
Under CI Capital’s ownership, Tech Air completed 28 add-on acquisitions and increased revenue by 12x and EBITDA by 19x.
Harris Williams; Paul, Weiss, Rifkind, Wharton & Garrison LLP; and Berenson & Company, Inc. are advisors to Tech Air on the transaction.
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, Connecticut and operates through 50 branch and fill locations in California, Texas, the Northeast, and the Southeast. Tech Air serves more than 45,000 customers in a wide range of industries. To learn more about Tech Air, please visit www.techair.com.
About CI Capital Partners
CI Capital Partners LLC is a leading North American private equity investment firm that has invested 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 inception, CI Capital and its portfolio companies have made over 315 acquisitions representing approximately $10 billion in enterprise value. For more information on CI Capital Partners, please visit www.cicapllc.com.