Tech Air to acquire Prest-O-Sales and Prest-O-Peconic
Tech Air has signed a definitive agreement to acquire New York-based Prest-O-Sales & Service Inc. and Prest-O-Peconic Inc.
Tech Air, a Connecticut-based distributor of industrial, medical, and specialty gases and related welding supplies, is owned by CI Capital Partners and Tech Air management.
Prest-O-Sales & Service and Prest-O-Peconic are distributors of industrial, specialty and medical gases with locations in Long Island City (Queens), N.Y. and Riverhead, N.Y. (Long Island). The companies, which were founded in 1926 and 1985 respectively, serve a wide range of customers and industries. The companies will become part of Tech Air of New York and the former owners, Jim Madison and George Nunnaro, will continue to be engaged with the companies. POS and POP will be Tech Air’s 10th and 11th add-on acquisitions since CI Capital acquired the company in partnership with Tech Air’s management in 2010. Tech Air now operates through 27 branch and fill plant locations and serves customers in the Northeast, Southeast, Southwest and West.
“POS and POP will significantly bolster our already strong position in the New York metropolitan area, facilitating better coverage of Long Island and New York City. We remain committed to our strategy of acquiring high quality regional distributors throughout the continental United States and are actively seeking additional acquisitions,” said Myles Dempsey Jr., chief executive officer of Tech Air.
“The combination with Tech Air is an outstanding result for Prest-O-Sales’ and Prest-O-Peconic’s customers and employees," said James E. Madison, president of POS and POP. "Our focus on delivering high level customer service and our family-oriented culture are important values shared with Tech Air. We believe that our customers and employees will benefit from Tech Air’s resources and are looking forward to continuing our growth in the New York metropolitan area.”
Joost Thesseling, managing director at CI Capital Partners, said, “Tech Air has established itself as an acquirer of choice in the fragmented packaged gas distribution sector because of its flexible approach in meeting owners’ objectives and a solid track record of closing acquisitions. Including the acquisition of POS and POP, Tech Air has made 11 add-on acquisitions with an active pipeline of additional transactions. We look forward to supporting Myles and the rest of the Tech Air team in continuing their growth strategy.”
INDUSTRIAL SUPPLY MAGAZINE
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