Tech Air, a Danbury, Conn.-based distributor of industrial, medical, and specialty gases and related welding supplies, has acquired Esquire Gas Products Company. Tech Air is backed by CI Capital Partners. Terms were not released. Esquire Gas Products Company specializes in liquid carbon dioxide and dry ice products.
Tech Air, a Danbury, CT-based distributor of industrial, medical, and specialty gases and related welding supplies, announced today that it has acquired Connecticut-based Esquire Gas Products Company (“Esquire”). 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 signifies our continued strategy of growth through selective acquisitions of key regional distributors. Esquire’s singular focus on liquid carbon dioxide and dry ice products is a perfect complement to Tech Air’s existing business model. With the addition of Esquire, Tech Air will be even better positioned to serve customers in growing markets such as food & beverage, bio-pharmaceuticals and healthcare.”
“The combination with Tech Air is an outstanding result for Esquire’s customers and employees as well as the Squires family,” said Bill Squires, President of Esquire. “Our focus on delivering a high level of customer service and our strong culture are important values shared with Tech Air.”
Joost Thesseling, Managing Director at CI Capital Partners, said, “The acquisition of Esquire represents the next step in Tech Air’s buy-and-build strategy in the highly fragmented U.S. packaged gas sector. Consistent with previous acquisitions, Esquire is strategic and highly complementary to Tech Air’s existing operations. Tech Air continues to pursue attractive opportunities like Esquire to add to its platform.”
Paul, Weiss, Rifkind, Wharton & Garrison LLP provided legal counsel to Tech Air in connection with the transaction. Pullman & Comley LLC represented Esquire 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.
Founded in 1940, Esquire Gas Products Company specializes in Dry Ice (Solid Carbon Dioxide) and Liquid Carbon Dioxide, serving Connecticut, New Hampshire, Massachusetts, Vermont, Rhode Island, and the New York metro area. Esquire operates from its location in Enfield, CT. To learn more about Esquire, please visit www.EsquireGas.com
About CI Capital Partners
CI Capital Partners is a North American private investment 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 the firm’s inception in 1993, CI Capital and its portfolio companies have made more than 100 acquisitions representing over $6 billion in enterprise value. CI Capital’s existing portfolio consists of companies which collectively generate annual revenue of approximately $5 billion, EBITDA of approximately $400 million, and employ approximately 15,000 people.