Newsroom
Valley National Gases LLC Acquires Gas & Welding Business of N. H. Bragg & Sons: Fifth Acquisition for Valley National Gases in Ten Months
Independence, OH, May 1, 2008 - Valley National Gases LLC announced today that it has acquired the gas and welding business of N. H. Bragg & Sons. The acquired business sells industrial, medical, and specialty gases, and welding equipment and supplies from its Bangor, ME location as well as through a network of depots throughout the state of Maine. Separately, Valley announced it is moving its corporate headquarters from Washington, PA to Independence, OH.
Michael Ziegler, Chief Executive Officer of Valley National, stated, “Valley National Gases is committed to continuing our strategy of growth through selective, high-quality acquisitions in regions that complement our operations. This acquisition blends very well with our recent acquisition of Advantage Gases & Tools (Portland Welding Supply) and will enhance our service capabilities throughout the state of Maine.”
Joost Thesseling, Principal at CI Capital Partners LLC, said, “This is Valley National’s fifth acquisition since CI Capital Partners’ acquisition of the Company. These acquisitions have expanded the Company’s territory to include Indiana, Maine and New Hampshire and have strengthened existing operations in Pennsylvania and Ohio. We continue to see attractive acquisition opportunities in the large and fragmented U.S. packaged gas market which will allow Valley to continue its disciplined acquisition strategy.”
Paul, Weiss provided legal counsel to Valley National in connection with the transaction.
Valley National Gases, with its new headquarters in Independence, OH, is a leading packager and distributor of industrial, medical and specialty gases, welding equipment and supplies, propane and fire protection equipment. Valley National Gases operates 92 locations in 18 states, with 10 production and distribution centers in the eastern United States.
Valley National Gases LLC was acquired in February 2007 by New York-based private equity firm CI Capital Partners LLC, formerly known as Caxton-Iseman Capital LLC. In addition to Valley, current CI Capital Partners portfolio companies include Ply Gem Industries, Inc., the largest North American manufacturer of residential siding, and fifth largest U.S. window manufacturer; KIK Custom Products, Inc., the largest North American contract manufacturer of branded and retailer-branded consumer products; Electrograph Systems, Inc., a leading national distributor of display technology solutions; American Residential Services, LLC, a leading provider of HVAC and plumbing services; Prodigy Health Group, Inc., a rapidly expanding health care services company; Conney Safety Products, LLC a full-service distributor of safety products; and CoVant, a federal IT services company led by the former executives and board of directors of Anteon Corporation.
CONTACTS:
James P. Hart of Valley National Gases, 216-573-9956 or jhart@vngas.com
David Lilly, Kekst and Company, 212-521-4800.