CriticalPoint Partners ("CPP") is pleased to announce that Tech Air, a leader in industrial, medical and specialty gas distribution, has acquired Gases & Arc Supply, Inc. ("Gases & Arc"), a distributor of welding & industrial supplies and industrial gases located in Denver, Colorado. CPP acted as the buy-side advisor to Tech Air and was responsible for sourcing the opportunity. Tech Air is owned by CI Capital Partners, a New York based private equity firm and Tech Air Management.
Gases & Arc was founded in 1995 by Jim O'Connor and Bob Backowies, who have more than 50 years of combined experience in the industrial gas distribution industry. Gases & Arc primarily serves industrial companies in the construction, pipe, and metal fabrication industries. Both Mr. O'Connor and Mr. Backowies will remain actively involved with the company moving forward.
This latest acquisition is part of 21 add-on acquisitions Tech Air has made since its partnership with CI Capital in 2010. The acquisition of Gases & Arc creates a new region for Tech Air in Colorado, complementing Tech Air's existing regions in the Northeastern, Southeastern, and Western United States. Tech Air now services its customers through 37 branch and fill locations.
Harris Ackerman, VP of M&A of Tech Air, said, "We welcome Jim, Bob and the rest of the Gases & Arc team to Tech Air. Tech Air's acquisition strategy has been built around acquiring high quality regional distributors who share our values and commitment to customer service. Gases & Arc will benefit from our resources and we are thrilled that their management team 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. 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."