Tech Air, the Connecticut-based distributor of specialty gases for welding and medical industries, will acquire Rhode Island-based Corp Bros., a similar company. Specifics of the deal were not publicized. Tech Air is backed by CI Capital Partners.
CI Capital-sponsored Tech Air, Distributor of Industrial, Medical and
Specialty Gases, Launches Growth Strategy
Danbury, CT, September 14, 2011 – Tech Air, a Danbury, CT-based distributor of industrial, medical, and specialty gases and related welding supplies, announced the signing of a definitive agreement to acquire Providence, RI-based Corp Brothers. Tech Air is owned by CI Capital Partners and the Company’s management.
Myles Dempsey, Jr., Chief Executive Officer of Tech Air, said, “This transaction is consistent with our strategy of growth through selective, high-quality acquisitions in regions that complement our existing operations. The combination of Tech Air and Corp Brothers will expand our footprint from New York and Connecticut to Rhode Island and Massachusetts.”
“Tech Air is a great fit for Corp Brothers’ customers and employees. Both companies have similar cultures and a relentless focus on customer service instilled through generations of family ownership” said Avery Seaman, Jr., President of Corp Brothers. “My leadership team and I are excited to join forces with the Tech Air team in building the combined business.” Mr. Seaman will maintain his role as President of Corp Brothers and will be an equity investor in the combined companies.
Joost Thesseling, Managing Director at CI Capital Partners LLC, said, “The acquisition of Corp Brothers is the first of a number of transactions we expect to complete as part of Tech Air’s growth strategy. We continue to see attractive opportunities in the large and fragmented U.S. packaged gas market, which will allow Tech Air to successfully execute its disciplined expansion.”
Paul, Weiss provided legal counsel to Tech Air in connection with the transaction. Reavis, Cianciolo LLC represented Corp Brothers in the transaction.
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. To learn more about Tech Air, please visit www.techair.com.
About Corp Brothers
Founded in 1893, Corp Brothers is a leading distributor of specialty and industrial gases, safety equipment, welding supplies, dry ice and other related products to the Rhode Island and Southern Massachusetts markets. To learn more about Corp Brothers, please visit www.corpbrothers.com
About CI Capital Partners
CI Capital Partners is a North American private equity firm focused on building and expanding leading middle market businesses. The firm targets industries that are ripe for consolidation and seeks to substantially scale businesses through organic growth and acquisitions. Since its founding in 1993, the firm and its portfolio companies have made over 95 acquisitions representing over $5 billion in enterprise value. CI Capital’s existing portfolio consists of companies which collectively generate annual revenue of approximately $4.0 billion, EBITDA of $350 million, and have more than 14,000 employees. To learn more about CI Capital Partners, please visit www.cicapllc.com.