INDUSTRIAL GAS SUPPLIERS ANNOUNCE FURTHER EXPANSION
Jun 04 2009 Read 1018 Times
USA based Matheson Tri-Gas, Inc. (“MTG”) and CI Capital Partners LLC (“CI Capital”), a USA based private equity firm, have announced that they have signed a definitive agreement under which MTG will acquire Valley National Gases (“Valley”), the largest privately-held distributor of industrial and medical gases and welding supplies in the United States. MTG is the largest subsidiary of Taiyo Nippon Sanso Corporation (“TNSC”) which is one of the top five global producers of industrial, medical, electronics and specialty gases and is headquartered in Japan.
Hirosuke Matsueda, President of TNSC, said “The acquisition of Valley National Gases supports TNSC’s global expansion strategy and we are thrilled that our MTG team has successfully finalised the agreement. This acquisition also reinforces our commitment to developing a national presence in the United States.”
“Valley’s history of expansion and success brought to the forefront the vision for this deal,” said William J. Kroll, Chairman and Chief Executive Officer of MTG. “This acquisition creates a tremendous opportunity for MTG by adding distribution capacity throughout the Eastern and Midwest regions of the United States and helps to solidify our national supplier status. As we’ve demonstrated over the past several years, achieving rapid growth through select acquisitions is a priority for us.”
“We are excited to become part of MTG and look forward to providing our customers with an expanded line of products and services,” said Michael Ziegler, Chief Executive Officer of Valley. “Our operations complement one another very well, and the combination will allow MTG to establish a national distribution network. Both Valley and MTG share a commitment to the highest standards of safety and customer service, a commitment that will remain the core focus once the acquisition is complete.”
Joost Thesseling, Principal at CI Capital, said, “Valley is a great example of our long history of partnering with high-caliber management teams in growing fundamental businesses operating in large and fragmented markets. Valley’s management team has done an extraordinary job of managing rapid growth while maintaining consistently good service and safe operations. CI Capital and management repositioned Valley for growth and completed eight add-on acquisitions, increasing pro-forma revenue by more than 33% since 2007.” Frederick Iseman, Chairman of CI Capital, added, “We are very pleased with an excellent outcome for our investors.” Steve Lefkowitz, CI Capital’s President, said, “We are fortunate to have partnered in this transaction with Mike Ziegler and Howard Hubert, who shared our vision of the significant opportunities in the industrial gas distribution market.”
Completion of the transaction, which is expected to occur in the second quarter of this year, is subject to HSR review and customary closing conditions.
Do you like or dislike what you have read? Why not post a comment to tell others / the manufacturer and our Editor what you think. To leave comments please complete the form below. Providing the content is approved, your comment will be on screen in less than 24 hours. Leaving comments on product information and articles can assist with future editorial and article content. Post questions, thoughts or simply whether you like the content.
In This Edition Fuel For Thought - DKSH extends partnership with Bruker in China - Will insurers mandate digital ecosystems for energy assets by 2025? - XOS heads to Mars Analytical Inst...
View all digital editions
Oct 27 2020 Yangon, Myanmar
Oct 27 2020 Virtual event
Oct 27 2020 Virtual & Amsterdam, Netherlands
Oct 28 2020 Ashgabad, Turkmenistan
Oct 28 2020 Bitec Hall, Bangkok, Thailand