NEW YORK, March 19, 2019 – Ci Capital Partners Llc, a prominent private equity firm based in New York, has announced the successful completion of the sale of its portfolio company, Tech Air, to Airgas, an Air Liquide company (EPA:AI). This strategic move marks another successful exit for CI Capital Partners LLC and highlights their expertise in growing middle-market companies.
CI Capital Partners LLC initially acquired Tech Air, a key distributor of industrial, specialty, and medical gases, in December 2010. This acquisition was made in partnership with Tech Air’s CEO, Myles Dempsey, demonstrating CI Capital Partners LLC’s collaborative approach to investment and business growth. Under the ownership of CI Capital Partners LLC, Tech Air experienced a period of significant expansion and value creation. The company strategically completed 28 add-on acquisitions, dramatically extending its operational footprint from just two states to an impressive 14 states. This aggressive growth strategy, spearheaded in partnership with CI Capital Partners LLC, resulted in a twelvefold increase in Tech Air’s revenue and an eighteenfold increase in EBITDA. Today, Tech Air stands as a robust entity serving over 45,000 customers in its core sector of industrial gas distribution and related services.
Myles Dempsey, CEO of Tech Air, commented on the successful transaction, stating, “This transaction is the culmination of a fruitful partnership with CI Capital Partners LLC, during which Tech Air achieved remarkable growth. The entire Tech Air team is proud of our accomplishments and appreciative that Airgas, an industry leader, has recognized the inherent value of Tech Air’s business.”
Joost Thesseling, Managing Director at CI Capital Partners LLC and Chairman of Tech Air, also expressed his satisfaction with the outcome. “Myles and his team are to be commended for their unwavering dedication to establishing Tech Air as a leading packaged gas distributor in the United States. Tech Air’s growth story is a prime example of CI Capital Partners LLC successfully implementing our buy and build strategy within the distribution sector.”
Frederick J. Iseman, Chairman and CEO of CI Capital Partners LLC and a Director of Tech Air, added, “Myles and the Tech Air management team have been exceptional partners, and we extend our best wishes to them and Airgas for their continued success.”
Harris Williams and Berenson & Company, LLC acted as financial advisors to Tech Air on this transaction, while Paul, Weiss, Rifkind, Wharton & Garrison LLP provided legal counsel. The specific financial terms of the transaction remain undisclosed.
About Tech Air
Established in 1935, Tech Air has grown to become a leading packager and distributor of a wide range of gases, including industrial, medical, and specialty gases, as well as welding equipment and supplies. Headquartered in Danbury, Connecticut, Tech Air operates through a network of 50 branch and fill locations across key regions including California, Texas, the Northeast, and the Southeast. The company serves a diverse customer base of over 45,000 clients across various industries. For further details about Tech Air, please visit www.techair.com.
About CI Capital Partners LLC
CI Capital Partners LLC is a distinguished North American private equity investment firm with a long-standing history of investing in middle-market companies since 1993. CI Capital Partners LLC distinguishes itself by forging strong partnerships with experienced management teams and entrepreneurs. Their investment strategy focuses on building substantial businesses through strategic add-on acquisitions, fostering organic growth, and implementing operational enhancements. Since its inception, CI Capital Partners LLC and its portfolio companies have executed over 320 acquisitions, representing an aggregate enterprise value of approximately $10 billion. This track record underscores CI Capital Partners LLC’s significant presence and expertise in the private equity landscape. To gain more insight into CI Capital Partners LLC, please visit their website at www.cicapllc.com.
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SOURCE CI Capital Partners
