Tech Air, a private equity-backed distributor of specialty gases - including nitrous oxide and liquid nitrogen - and welding supplies, is set to buy two New York companies for an undisclosed sum.
The Danbury, Connecticut-based buyer took over Prest-O-Sales & Service Inc. and Prest-O-Peconic Inc., distributors of industrial, specialty and medical gases operating out of Queens, New York and Long Island. The companies, which were founded in 1926 and 1985 respectively, serve a wide range of customers and industries. Former owners, Jim Madison and George Nunnaro, are expected to continue involvement with the Prest-O-Sales and Prest-O-Peconic.
Both transactions mark Tech Air’s tenth and eleventh add-on acquisitions since the company was sold to CI Capital Partners in 2010. At the time, Tech Air was the second deal CI made out of its CI Capital Investors II fund. Since then, the company has scooped up Corp Brothers in 2011, Dressel Welding Supply Inc. in 2012 and McGinnis Welding Supply in January 2015. Other bolt-on deals include 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.
Tech Air now runs a total of 27 plant locations and serves customers across the Northeast, Southeast, Southwest and West.
Myles Dempsey, chief executive officer of Tech Air, explains in a statement that the company intends to continue wielding M&A as a means for growth, especially since deal opportunities continue to surface in the fragmented packaged gas distribution sector.