Danbury Company Acquired by French Rival

DANBURY, CT — Local industrial gas supplier Tech Air is being acquired by Airgas, a subsidiary of French company Air Liquide. The terms of the purchase have not yet been released.

The announcement was made by Air Liquide in a press release on Wednesday.

Tech Air, is a major distributor of industrial, medical and specialty packaged gases, welding equipment, and supplies. The company is owned by CI Capital Partners, a New York-based private equity firm, and Tech Air management. The company employs approximately 550 workers and has annual revenues of approximately $190 million US. Tech Air operates 50 locations in California, Texas, the Northeast and Southeast, and maintains its headquarters in Danbury.

Airgas is the leading U.S. supplier of industrial, medical and specialty gases, as well as hard goods and related products; one of the largest U.S. suppliers of safety products; and a leading U.S. supplier of ammonia products and process chemicals.

“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, Chief Executive Officer of Airgas, Inc. and Air Liquide Executive Committee Member, in a release. "We look forward to welcoming the Tech Air team to Airgas, and integrating their complementary capabilities and resources to enhance service for our customers."

The transaction is expected to close in 2019, subject to a review by U.S. antitrust authorities.

The industrial gas business appears to be condensing in Danbury; this is the second merger/acquisition in that space in the last few months. In October 2018, Danbury-based Praxair completed its $80 billion "merger of equals" with European gas giant Linde. The company kept the Linde name, chose Dublin for it official headquarters, and split corporate operations in Danbury and Munich, Germany.