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