CriticalPoint Partners ("CPP") is pleased to announce that Tech Air, a leader in industrial, medical and specialty gas distribution, has acquired both East Coast Hydro Testing and Gases ("East Coast Hydro"), a supplier of medical gases in Augusta, GA, and Hereford Welding Supply ("Hereford"), a supplier of welding gases and equipment in Hereford, TX. CPP acted as the buy-side advisor to Tech Air and was responsible for sourcing both opportunities. Tech Air is owned by CI Capital Partners, a New-York based private equity firm, and Tech Air management.
East Coast Hydro was founded in 2001 and supplies a wide range of medical gases to respiratory therapist's offices, doctor's offices, and other medical facilities. Hereford Welding Supply was founded in 1972 and is a leading distributor of welding gases and supplies in Northern Texas. These latest acquisitions are part of 17 add-on acquisitions Tech Air has made since its partnership with CI Capital in 2010. Tech Air now operates through 33 branch and fill plant locations and serves customers in the Northeast, Southeast, Southwest and West.
Harris Ackerman, VP of M&A at Tech Air, said, "We are thrilled to announce the addition of East Coast Hydro and Hereford to the Tech Air family of companies. Tech Air's acquisition strategy has been built around acquiring high quality regional distributors who share our values and commitment to customer service. Both companies will benefit from our resources and we are thrilled that members of their management teams will join Tech Air and help us continue to build a bigger company. Our partnership with CriticalPoint throughout the entire deal process proved to be the right choice, as their ability to identify direct competitors and uncover areas for strategic expansion created value for our shareholders and helped position us for continued long-term growth."
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, CT and operates through 33 branch, fill locations in the Northeast, Southeast, Southwest and West. Tech Air serves more than 10,000 customers in a wide range of industries. To learn more about Tech Air, please visit www.techair.com.
CI Capital Partners LLC, a North American private equity firm with $1.9 billion in assets under management, has been investing 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 the firm's inception, CI Capital and its portfolio companies have made over 180 acquisitions representing approximately $7 billion in enterprise value. To learn more about CI Capital Partners, please visit www.cicapllc.com.
CriticalPoint Partners is an M&A advisory firm, headquartered in Los Angeles, focused on sourcing, negotiating and executing a range of outsourced corporate finance solutions to enhance shareholder value. CriticalPoint Partners builds customer-centric, long-term partnerships with our representative clients to create strong relationships that span the course of multiple transactions. To learn more about CriticalPoint Partners, please visit www.criticalpointpartners.com.