Top-News
Dienstag,
12.02.2019 21:20
von
PR Newswire
| Aufrufe: 184
CI Capital's Tech Air To Be Acquired by Airgas, an Air Liquide Company
Cloud-Computing überträgt Daten zwischen Geräten. (Symbolbild).
© PeopleImages / E+
PR Newswire
NEW YORK, Feb. 12, 2019
NEW YORK, Feb. 12, 2019 /PRNewswire/ -- Private equity firm CI Capital Partners today elaborated on the recent sale of one of its portfolio companies, Tech Air. Tech Air, a distributor of industrial, medical, and specialty gases headquartered in Danbury, Connecticut, will be acquired by Airgas, an Air Liquide (EPA: AI) company. The transaction was announced upon signing of a definitive agreement on February 6, 2019. The companies expect to close the transaction later this year. Under CI Capital's ownership, Tech Air completed 28 add-on acquisitions. The company increased revenue twelvefold. Tech Air's EBITDA increased 19 times. The company's operations expanded from two to 14 states. Tech Air was acquired by CI Capital Partners and Tech Air management and was built up following a "buy-and-build" strategy. Today, the company serves more than 45,000 customers in its core business of industrial gas distribution and related services.
Joost Thesseling, Managing Director at CI Capital, said, "We are grateful to have had the opportunity to support Tech Air CEO Myles Dempsey 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."
Dempsey added, "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. Together, we have built a great company and we are gratified that Airgas has recognized the tremendous value we have created."
Harris Williams; Paul, Weiss, Rifkind, Wharton & Garrison LLP; and Berenson & Company, LLC have advised Tech Air on the transaction. Exact terms of the transaction have not been made public.
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.
Media Contact:
Daniel Yunger
Kekst CNC
212.521.4800
View original content to download multimedia:http://www.prnewswire.com/news-releases/ci-capitals-tech-air-to-be-acquired-by-airgas-an-air-liquide-company-300794416.html
SOURCE CI Capital Partners
Werbung
Mehr Nachrichten zur L'air Liquide ADR Aktie kostenlos abonnieren
E-Mail-Adresse
Bitte überprüfe deine die E-Mail-Adresse.
Benachrichtigungen von ARIVA.DE
(Mit der Bestellung akzeptierst du die Datenschutzhinweise)
(Mit der Bestellung akzeptierst du die Datenschutzhinweise)
-1
Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink.
Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte.
