Danbury’s Tech Air – a packager and distributor of industrial, medical and specialty gases, welding equipment and supplies – is being acquired by a subsidiary of French multinational firm Air Liquide, the world’s largest supplier of industrial gases by revenue, for an undisclosed amount.
The transaction, whereby Air Liquide’s Airgas will acquire Tech Air, is subject to approval by U.S. antitrust authorities, which is expected later this year.
Founded in 1935, Tech Air has since 2011 been owned by New York-based private-equity firm CI Capital Partners and Tech Air management. Serving more than 45,000 customers, the company has about 550 employees with annual revenues of about $190 million. It has operations in 50 locations in California, Texas, the Northeast and Southeast.
Air Liquide said that customers will benefit from an expanded offering as well as a wider distribution network and a leading digital platform.
“Growth through acquisition has been a key component of Airgas’ business model and remains a core part of our long-term strategy,” said Pascal Vinet, CEO of Airgas Inc. and executive committee member of Air Liquide. “We look forward to welcoming the Tech Air team to Airgas, and integrating their complementary capabilities and resources to enhance service for our customers.”
Air Liquide’s revenue was $23 billion in 2017.