Tech Air, which is owned by CI Capital Partners, has agreed to buy Prest-O-Sales & Service Inc and Prest-O-Peconic Inc. No financial terms were disclosed. Based in New York City, POS and POP are distributors of industrial, specialty and medical gases.
DANBURY, Conn., Feb. 3, 2015 /PRNewswire/ — Tech Air, a Connecticut-based distributor of industrial, medical, and specialty gases and related welding supplies, announced today that it has signed a definitive agreement to acquire New York-based Prest-O-Sales & Service, Inc. (“POS”) and Prest-O-Peconic, Inc. (“POP”). The transaction is subject to customary conditions to closing. Tech Air is owned by CI Capital Partners and Tech Air management.
Prest-O-Sales & Service and Prest-O-Peconic are leading distributors of industrial, specialty and medical gases with locations in Long Island City (Queens), NY and Riverhead, NY (Long Island). The companies, which were founded in 1926 and 1985 respectively, serve a wide range of customers and industries. The companies will become part of Tech Air of New York and the former owners, Jim Madison and George Nunnaro, will continue to be engaged with the companies. POS and POP will be Tech Air’s tenth and eleventh add-on acquisitions since CI Capital acquired the company in partnership with Tech Air’s management in 2010. Tech Air now operates through 27 branch and fill plant locations and serves customers in the Northeast, Southeast, Southwest and West.
Myles Dempsey, Jr., Chief Executive Officer of Tech Air, said, “We are thrilled to announce the addition of Prest-O-Sales and Prest-O-Peconic to the Tech Air family of companies. POS and POP will significantly bolster our already strong position in the New York metropolitan area, facilitating better coverage of Long Island and New York City. We remain committed to our strategy of acquiring high quality regional distributors throughout the continental United States and are actively seeking additional acquisitions.”
“The combination with Tech Air is an outstanding result for Prest-O-Sales’ and Prest-O-Peconic’s customers and employees,” said James E. Madison, President of POS & POP. “Our focus on delivering high level customer service and our family-oriented culture are important values shared with Tech Air. We believe that our customers and employees will benefit from Tech Air’s resources and are looking forward to continuing our growth in the New York metropolitan area.”
Joost Thesseling, Managing Director at CI Capital Partners, said, “Tech Air has established itself as an acquirer of choice in the fragmented packaged gas distribution sector because of its flexible approach in meeting owners’ objectives and a solid track record of closing acquisitions. Including the acquisition of POS and POP, Tech Air has made eleven add-on acquisitions with an active pipeline of additional transactions. We look forward to supporting Myles and the rest of the Tech Air team in continuing their growth 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 27 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 Prest-O-Sales & Service and Prest-O-Peconic
Prest-O-Sales & Service, Inc. and Prest-O-Peconic, Inc. are independently owned, full service distributors of compressed gases and metalworking equipment and supplies. Founded in 1926, Prest-O-Sales & Service, Inc. is located in Long Island City, NY. Founded in 1985, Prest-O-Peconic, Inc. is located in Riverhead, NY. Prest-O-Sales & Service, Inc. and Prest-O-Peconic, Inc. sell, rent and service quality brand name products from the finest manufacturers to customers worldwide. To learn more about Prest-O-Sales and Prest-O-Peconic, please visit www.prest-o-sales.com
About CI Capital Partners
CI Capital Partners LLC, a North American private equity firm, 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 150 acquisitions representing approximately $7 billion in enterprise value. CI Capital’s existing portfolio consists of companies which collectively generate annual revenue of over $4 billion, EBITDA of over $400 million and employ over 14,000 people. To learn more about CI Capital Partners, please visit www.cicapllc.com.