Tech Air, a distributor of industrial gases and welding supplies backed by CI Capital Partners, has acquired Ravena Welding Supply of New York and Hereford Welding Supply of Hereford, Texas.Terms of the deal were not disclosed.
Including the two newest add-ons, Danbury, Connecticut-based Tech Air has completed 17 add-on acquisitions under CI Capital’s ownership. Tech Air is owned by CI Capital Partners and Tech Air management, with 33 branch and fill locations in the U.S. and more than 10,000 customers.
The acquisitions have helped the company increase its Northeast presence and create hubs in the Southeast, Southwest and Western U.S. The Hereford acquisition is Tech Air’s fourth in Texas in 18 months. With the Ravena and Hereford additions, management team members from the companies are joining Tech Air, says Myles Dempsey Jr., Tech Air CEO.
New York-based CI Capital Partners, which acquired Tech Air in 2011, has $1.9 million under management. CI Capital has invested in middle-market companies since 1993, with more than 180 acquisitions worth about $7 billion.
Among Tech Air’s acquisitions was Corp Brothers, a gas distributor in Providence, Rhode Island, in 2011; Dressel Welding Supply Inc. in 2012; McGinnis Welding Supply in January 2015; US Oxygen & Supply; Specialty Air Technologies; Supply Corporation New York; Compressed Gases of August, A-L Welding Supply of Gainesville; and Esquire Gas Products Co.
In February 2015, Tech Air announced its acquisition of Prest-O-Sales & Service Inc. of Queens, New York, and Prest-O-Peconic Inc. of Riverhead, New York-- distributors of industrial, specialty and medical gases.
On a larger scale, AirLiquide’s planned acquisition of AirGas, the largest supplier of industrial gases in the U.S., is on track to close in the second or third quarter of 2016. The planned $10.3 billion deal was announced in November 2015.
Other recent moves in the middle-market industrials space have included the Wynnchurch Capital PE firm in Chicago creating Wynnchurch Industries LLC as a new company to seek deals in the space and Denver PE firm Platte River Equity buying Jameson LLC, an industrial tool maker in Clover, South Carolina, in December 2015.