M&A Deal Summary

Airgas Acquires Tech Air

On February 12, 2019, Airgas acquired distribution company Tech Air from CI Capital Partners

Acquisition Highlights
  • This is Airgas’ 56th transaction in the Distribution sector.
  • This is Airgas’ 72nd transaction in the United States.
  • This is Airgas’ 2nd transaction in Connecticut.

M&A Deal Summary

Date 2019-02-12
Target Tech Air
Sector Distribution
Buyer(s) Airgas
Sellers(s) CI Capital Partners
Deal Type Add-on Acquisition
Advisor(s) Harris Williams
Berenson & Company (Financial)
Paul, Weiss, Rifkind, Wharton & Garrison (Legal)

Target

Tech Air

Danbury, Connecticut, United States
Tech Air is a packager and distributor of industrial, medical and specialty gases, welding equipment, and supplies. Tech Air was founded in 1935 and is based in Danbury, Connecticut.

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Buyer(S) 1

Buyer

Airgas

Radnor, Pennsylvania, United States

Category Company
Founded 1982
Sector Chemicals
Employees17,000
Revenue 5.3B USD (2016)
DESCRIPTION
Airgas distribution facility in Duluth, Minnesota.
Airgas distribution facility in Duluth, Minnesota.

Airgas is a supplier of industrial, medical and specialty gases, and hardgoods, such as welding equipment and related products. Airgas produces atmospheric gases with 16 air separation plants, carbon dioxide, dry ice, and nitrous oxide, as well as supplies safety products, and refrigerants, ammonia products, and process chemicals. Approximately 17,000 associates work in more than 1,100 locations, including branches, retail stores, gas fill plants, specialty gas labs, production facilities and distribution centers. Airgas also markets its products and services through e-Business, catalog and telesales channels.


DEAL STATS #
Overall 74 of 74
Sector (Distribution) 56 of 56
Type (Add-on Acquisition) 73 of 73
State (Connecticut) 2 of 2
Country (United States) 72 of 72
Year (2019) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-04-30 Weiler Welding

Moraine, Ohio, United States

Weiler Welding Co., Inc. is a full-service industrial gas, beverage gas and welding supply business. Weiler Welding is based in Moraine, Ohio.

Buy -

Seller(S) 1

SELLER

CI Capital Partners

New York, New York, United States

Investor Investor


Category Private Equity Firm
Founded 1993
Size Large
Type Sector Agnostic
DESCRIPTION

CI Capital Partners is a private equity investment firm specializing in leveraged buyouts of middle-market companies. CI Capital primarily targets investments in North America and looks to invest between $10 and $150 million of equity capital per transaction. The Firm concentrates on acquiring companies in stable industries with consolidation potential. CI has a particular interest in business services, consumer services, distribution, transportation, and healthcare Services. CI Capital Partners was founded in 1993 and is based in New York City.


DEAL STATS #
Overall 20 of 28
Sector (Distribution) 5 of 5
Type (Add-on Acquisition) 5 of 7
State (Connecticut) 1 of 1
Country (United States) 17 of 25
Year (2019) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-02-01 Galls

Lexington, Kentucky, United States

Galls is a distributor of uniforms and equipment to the public safety market. Galls represents the largest distributor of uniform and equipment to public safety personnel, including police, fire, EMS, private security, corrections, federal/military, and postal. Galls services customers through a national catalogue, convenient eCommerce site, more than 50 dedicated sales reps, 80 locations, and its proprietary "eQuip" online solution serving state and local agencies. Each year, more than one million men and women in the public safety, postal and public transportation industries depend on Galls for their essential equipment and apparel. Galls was founded in 1967 and is based in Lexington, Kentucky.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-10-31 Arch Amenities Group

Rockville, Maryland, United States

Arch Amenities Group is a full-service global provider of wellness, amenity, and meeting services for commercial and residential properties, hotels, and private clubs. It provides daily management services as well as feasibility studies, planning, design consultancy, and pre-opening support. Arch Amenities Group was formed in 1973 and is based in Rockville, Maryland.

Buy -