Tech Air, which is owned by CI Capital Partners, has acquired Florida-based Liquid Technology Corp, a specialty gas provider and New Jersey-based JW Goodliffe & Son Inc, a welding supplies company. No financial terms were disclosed.
DANBURY, Conn., Sept. 28, 2016 /PRNewswire/ — Tech Air, a Connecticut-based distributor of industrial, medical, and specialty gases and related welding supplies, announced today that it has completed the acquisition of Florida-based Liquid Technology Corporation (“Liquid Tech”) and has signed a definitive agreement to acquire the local distribution assets of New Jersey-based JW Goodliffe & Son, Inc. (“Goodliffe”). Goodliffe will continue to own and operate its Internet welding supply distribution site, Cyberweld.com. Closing of the Goodliffe transaction is expected to take place in the 4Q of 2016. Tech Air is owned by CI Capital Partners and Tech Air management.
Including the acquisitions of Liquid Tech and Goodliffe, Tech Air will have completed 19 add-on acquisitions under CI Capital’s ownership. As a result, the company will have significantly increased its presence in the Northeastern United States while establishing hubs in the Southeast, Southwest and Western United States. Tech Air now services its customers through 36 branch and fill locations. With the acquisition of Liquid Tech, Tech Air now has the ability to supply specialty gas customers throughout the US.
Myles Dempsey, Jr., Chief Executive Officer of Tech Air, said, “The acquisition of Liquid Technology will greatly enhance Tech Air’s Specialty Gases production capabilities and it’s locations in Orlando and Houston perfectly complement our existing Specialty Gas production in California. Liquid Technology Corporation has been a trusted supplier to its customers since its founding over 20 years ago. The acquisition of JW Goodliffe will expand Tech Air’s leadership position in the New York Metro Region into the attractive Northern New Jersey market. JWG’s location in Linden, NJ is a great addition to our existing locations in White Plains, NY and on Long Island. Both companies will benefit from Tech Air’s growth capital, access to a broad base of suppliers and administrative and operational support.”
“Tech Air has made tremendous progress in executing its acquisition strategy,” said Joost Thesseling, Managing Director at CI Capital. “Myles and the rest of the management team have transformed the company into a multi-regional player and established a reputation as a preferred buyer. We look forward to continuing to support 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 33 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 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 200 acquisitions representing approximately $8 billion in enterprise value. To learn more about CI Capital Partners, please visit www.cicapllc.com.