Tech Air Announces Acquisition of Angelus Welding, Inc.

Date : 06/19/2017 @ 3:57PM
Source : PR Newswire (US)

Tech Air Announces Acquisition of Angelus Welding, Inc.

DANBURY, Conn., June 19, 2017 /PRNewswire/ -- Tech Air, a Connecticut-based distributor of industrial, medical, and specialty gases and related equipment and supplies, announced today that it has completed the acquisition of Angelus Welding, Inc. ("Angelus" or the "Company"), a distributor of welding & industrial supplies and industrial gases located in Los Angeles, California. Tech Air is owned by CI Capital Partners and Tech Air management. 

Angelus was founded in 1947 and is one of the oldest distributors of industrial gases in Los Angeles.  The company primarily serves customers in the entertainment, glassblowing and metal fabrication industries.  Angelus will be integrated into Tech Air of California (doing business as Geneva Gas & Supply), which is led by Glen Irving. The President of Angelus, Chris Donohue, along with family members Alexis and Jolene Donohue, will remain actively involved with the company moving forward.

Myles Dempsey, Jr., Chief Executive Officer of Tech Air, said, "The acquisition of Angelus greatly enhances our position in the Los Angeles market, adding a new location in East LA to complement our existing locations in North Hollywood and Long Beach. We welcome Chris and the rest of the Angelus team to Tech Air and look forward to supporting their continued growth and success."

"We are proud of the reputation Angelus has with its customers for excellent customer service and deep industry knowledge. Both Tech Air and Angelus have historically put customers and employees first, making Glen Irving and the Tech Air team a natural fit. We will continue this tradition, in partnership with Tech Air," said Mr. Donohue. 

Joost Thesseling, Managing Director at CI Capital, said, "Tech Air's investments in people and infrastructure have allowed the company to consummate 22 add-on acquisitions to date and establish a significant presence in multiple regions across the United States. We remain committed to supporting 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 35 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 Angelus Welding, Inc.

Angelus Welding, Inc. was started in Los Angeles, California in 1947 making it one of the oldest distributors in the Los Angeles. Angelus Welding carries a complete line of welding supplies, industrial gases and industrial supplies.

About CI Capital Partners

CI Capital Partners LLC, a leading North American private equity investment firm with approximately $2.4 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 230 acquisitions representing approximately $8 billion in enterprise value. To learn more about CI Capital Partners, please visit www.cicapllc.com.

Media Contact:
Daniel Yunger/Ethan Lyle
Kekst
212.521.4800

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/tech-air-announces-acquisition-of-angelus-welding-inc-300476159.html

SOURCE CI Capital Partners

Copyright 2017 PR Newswire

Your Recent History
TSX
BCE
BCE Inc
TSX
IVN
Ivanhoe Mi..
FX
CADUSD
Canadian D..
USOTC
XUII
Xumanii In..
FX
EURCAD
Euro vs Ca..
Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously.

Register now to create your own custom streaming stock watchlist.

NYSE, AMEX, and ASX quotes are delayed by at least 20 minutes.
All other quotes are delayed by at least 15 minutes unless otherwise stated.

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P:41 V:ca D:20171017 22:20:14