Add-on Acquisition • Oil/Gas Exploration

Air Products and Chemicals Acquires Oxygen & Argon Works

On February 12, 2020, Air Products and Chemicals acquired oil/gas exploration company Oxygen & Argon Works from FIMI Opportunity Funds

Acquisition Context
  • This is Air Products and Chemicals’ 1st transaction in the Oil/Gas Exploration sector.
  • This is Air Products and Chemicals’ 1st transaction in Israel.

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M&A Deal Summary

Date February 12, 2020
Target Oxygen & Argon Works
Sector Oil/Gas Exploration
Buyer(s) Air Products and Chemicals
Sellers(s) FIMI Opportunity Funds
Deal Type Add-on Acquisition

Target Company

Oxygen & Argon Works

Caesarea, Israel
Oxygen & Argon Works is an industrial company that manufactures and supplies industrial gases for industry, research and medicine in Israel and provides installation services and maintenance systems. Oxygen & Argon Works was founded in 1935 and is based in Caesarea, Israel.
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Buyer Overview 1

Buyer

Air Products and Chemicals

Allentown, Pennsylvania, United States

Category Company
Founded 1940
Sector Chemicals
Employees23,000
Revenue 12.1B USD (2024)
DESCRIPTION

Air Products and Chemicals serves energy, electronics, chemicals, steel, and manufacturing customers globally with a unique portfolio of products, services, and solutions that include atmospheric gases, process and specialty gases, performance materials, equipment, and services. The Company is a supplier of hydrogen and helium and has built leading positions in growth markets such as semiconductor materials, refinery hydrogen, natural gas liquefaction, and advanced coatings and adhesives. Air Products and Chemicals was incorporated in 1940 and is based in Allentown, Pennsylvania.


Deal Context for Buyer #
Overall 16 of 18
Sector: Oil/Gas Exploration 1 of 2
Type: Add-on Acquisition 9 of 9
Country: Israel 1 of 1
Year: 2020 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-11-05 General Electric Co. - Gasification Business & Technology

Fairfield, Connecticut, United States

General Electric Co. - Gasification Business & Technology owns and operates gasification projects around the world.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-03-30 PBF Energy - Five Operating Hydrogen Plants

Parsippany, New Jersey, United States

PBF Energy, Inc.'s Five Operating Hydrogen Plants comprises five hydrogen steam methane reformer (SMR) hydrogen production plants and the long-term supply of hydrogen.

Buy $530M

Seller Profile 1

SELLER

FIMI Opportunity Funds

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1996
PE ASSETS 7.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

FIMI Opportunity Funds is a private equity firm that usually looks for Israeli and Israeli-related companies that are mature, have significant revenue and run a profitable operation. FIMI invests in companies with significant growth potential and tangible growth engines. FIMI seeks companies with a solid and highly motivated management team in place. FIMI Opportunity Funds was formed in 1996 and is headquartered in Tel Aviv.


Deal Context for Seller #
Overall 3 of 5
Sector: Oil/Gas Exploration 1 of 1
Type: Add-on Acquisition 2 of 3
Country: Israel 3 of 5
Year: 2020 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-01-22 Stern

Clifton, New Jersey, United States

Stern is specializing in electronic sanitation products, including touchless faucets, soap dispensers, and hand dryers—serving both commercial and institutional markets. Stern was founded in 1989 and is based in Clifton, New Jersey.

Buy $34M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-05-22 Senstar

Ottawa, Ontario, Canada

Senstar is an international provider of solutions and products for physical and cybersecurity, as well as safety and site management. Senstar was founded in 1965 and is based in Ottawa, Ontario.

Buy -