A New York equity fund says it has added Danbury industrial-medical gas distributor Tech Air to its multi-billion-dollar portfolio of midsize companies.
CI Capital Partners, formerly Caxton-Iseman Capital, paid an unspecified sum for 76-year-old Tech Air, which distributes gases stored in cylinders for welding, medical and other uses to more than 4,700 Connecticut and New York customers.
Tech Air CEO Myles Dempsey Jr. said that in addition to providing a “terrific” payday to Tech Air’s employee stockholders, the deal preserves the company’s independence.
In turn, CI Capital gets “an excellent growth platform in the industrial gas distribution sector,” said Managing Director Joost Thesseling, Â
CI Capital says its strategy is to target industries that are ripe for consolidation.
Since its founding in 1993, the firm’s corporate portfolio has annual revenue of more than $3.5 billion and gross earnings that exceed $300 million. The companies employ more than 14,000.
