Tech Air, a portfolio company of CI Capital Partners, has acquired Angelus Welding Inc. The buyer has now made 22 add-on deals under the PE firm's ownership.
Angelus distributes industrial gases to the entertainment, glassblowing and metal fabrication sectors primarily in the Los Angeles market, where the target is headquartered. Angelus' management team will remain with the company. Financial terms of the deal were not disclosed. Danbury, Connecticut-based Tech Air is also a supplier of industrial gases and welding equipment.
Among Tech Air’s acquisitions was Ravena Welding Supply and Hereford Welding Supply in 2016; Corp Brothers, a gas distributor 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.
New York-based CI Capital, 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.