CI Capital-backed Tech Air completes Gasco acquisition

Tech Air, which is owned by CI Capital Partners, has closed its acquisition of Florida-based Gasco Affiliates, a provider of specialty gases. No financial terms were disclosed.

PRESS RELEASE

DANBURY, Conn., Jan. 19, 2017 /PRNewswire/ — Tech Air, a Connecticut-based distributor of industrial, medical, and specialty gases and related equipment and supplies, announced today that it has completed the acquisition of Florida-based Gasco Affiliates LLC (“Gasco”), a producer of specialty gases. Tech Air is owned by CI Capital Partners and Tech Air management.

Founded in 1999 by Tom Hanway, Gasco produces portable calibration gas mixtures, used to verify the accuracy and operability of gas detection and analytical instrumentation that detect specific harmful gases across an array of work place environments. From its locations in Florida and Texas, Gasco services industrial safety distributors across the United States and internationally. The acquisition of Gasco complements Tech Air’s acquisition of specialty gas producer Liquid Technology, completed in September 2016. Gasco will be operated as a separate division of Tech Air, while retaining its distinctive brand identity, high level of service and support, and deep relationships with leading safety distributors worldwide. Gasco will be led by President Brad Hanway who has served in various management roles with the company since 2002.

Myles Dempsey, Jr., Chief Executive Officer of Tech Air, said, “Through this acquisition, we continue to build out Tech Air’s Specialty Gas production capabilities, an exciting area of growth for the company. We welcome Brad and the rest of the Gasco management team to Tech Air.”

“We look forward to bringing Gasco’s specialty gas expertise to Tech Air,” said Brad Hanway, President of Gasco. “Tech Air and Gasco share a commitment to quality, integrity and high level of customer service, which makes this transaction a great fit for our team and Gasco’s customers.”

Joost Thesseling, Managing Director at CI Capital, said, “Through twenty add-on acquisitions, Myles and the Tech Air management team have transformed the company into a multi-regional player. The acquisition of Gasco further diversifies Tech Air’s business beyond industrial gas distribution and into the production of specialty gases. We remain committed to supporting the company and its acquisition strategy.”

About Tech Air
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 36 branch and 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.

About GASCO
Founded in 1999, Gasco is a leading producer of precision calibration gas. Gasco’s products are exclusively sold through safety and equipment distributors worldwide. Gasco’s superior industry knowledge has resulted in innovative technologies and the ability to create custom gas mixtures. To learn more about Gasco, please visit www.gascogas.com.

About CI Capital Partners
CI Capital Partners LLC, a leading North American private equity investment firm with approximately $2.1 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 210 acquisitions representing approximately $8 billion in enterprise value. To learn more about CI Capital Partners, please visit www.cicapllc.com.