Tech Air, a private equity-backed distributor of industrial, medical, and specialty gases and related welding supplies, is buying Pennsylvania-based Dressel Welding Supply. Terms were not released. Tech Air is backed by CI Capital Partners, and based in Danbury, Conn..
Tech Air, a Danbury, CT-based distributor of industrial, medical, and specialty gases and related welding supplies, announced today that it would acquire Pennsylvania-based Dressel Welding Supply (“Dressel”). 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. Dressel will serve as a strategic entry point into the highly attractive Central Pennsylvania and Northern Maryland markets. With the addition of Dressel, Tech Air will be well positioned to serve customers from a broadened geographic footprint.”
“The combination with Tech Air is an outstanding result for Dressel’s customers and employees, as well as for the Skehan family,” said Tom Skehan, CEO of Dressel. “Our focus on delivering a high level of customer service and our strong culture are important values shared with Tech Air. We are looking forward to this new partnership.”
Joost Thesseling, Managing Director at CI Capital Partners, said, “The acquisition of Dressel 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, Dressel is strategic and highly complementary to Tech Air’s existing operations. Tech Air continues to pursue attractive opportunities like Dressel to add to its platform.”
Paul, Weiss, Rifkind, Wharton & Garrison LLP is providing legal counsel to Tech Air in connection with the transaction. McNees Wallace & Nurick LLC is representing Dressel 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 1926, Dressel Welding Supply provides world class customer service, the latest technologies and the equipment its customers need to remain competitive. Dressel operates from 9 locations in Central PA and Northern MD. To learn more about Dressel Welding Supply, please visit www.dresselweldingsupply.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.