Posted March 20, 2019

Airgas completes Tech Air acquisition

Airgas announced that it has completed its acquisition of Tech Air, an independent distributor of industrial gases and welding supplies from CI Capital Partners.

Airgas is owned by Air Liquide, the Paris-based world leader in gases, technology and services for industry and health.

With the completion of this acquisition announced Feb. 6, Airgas will further strengthen its distribution network, enabling more proximity to local customers, the company said in a press release. "Leveraging Air Liquide’s integrated model, the acquisition will deliver significant efficiencies. Moreover, customers will benefit from an expanded offering as well as a wider distribution network and a leading digital platform. Over the years, Airgas has successfully acquired and integrated companies’ operations and associates to create an industry-leading distribution network in the U.S. serving a variety of customers safely and reliably."

CI Capital acquired Tech Air in December 2010 in partnership with its CEO, Myles Dempsey. Under CI Capital’s ownership, Tech Air completed 28 add-on acquisitions, expanding the company’s geographic reach from operations in two states to 14 states. Tech Air’s revenue increased twelvefold and EBITDA increased eighteenfold. Today, the company serves more than 45,000 customers in its core business of industrial gas distribution and related services.

"The completion of the acquisition of Tech Air is an important milestone in Airgas' development. Tech Air’s highly professional teams and complementary distribution network will be strong assets to efficiently serve our customers. We welcome our new Tech Air colleagues to Airgas and the Air Liquide family and now begin the integration process," said Pascal Vinet, chief executive officer of Airgas Inc. and Air Liquide Executive Committee member.

“This transaction is the culmination of a fruitful partnership with CI Capital whereby Tech Air achieved remarkable growth,” said Tech Air CEO Dempsey. “The Tech Air team is proud of our accomplishments and of having Airgas, an industry leader, recognize the value of Tech Air’s business.”

Joost Thesseling, managing director at CI Capital Partners and chairman of Tech Air, said, “Myles and the team deserve our praise and the recognition received from Airgas for their tireless commitment to becoming a leading packaged gas distributor in the United States. Tech Air is another example of CI Capital executing our buy and build strategy in a distribution business.”