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Michael Ziegler, Chief Executive Officer of Valley National, stated,"Valley National Gases is committed to continuing our strategy of growththrough selective, high-quality acquisitions in regions that complement ouroperations. This acquisition blends very well with our business in WesternPennsylvania and will enhance our service capabilities throughout the region."
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Joost Thesseling, Principal at CI Capital Partners LLC, said, "This isValley National's sixth acquisition since CI Capital Partners' acquisition ofthe Company in its fiscal year ended June 30, 2008. These acquisitions haveexpanded the Company's territory to include Indiana, Maine and New Hampshire,and have strengthened existing operations in Pennsylvania and Ohio. Mike hasbuilt a terrific team which enables the company to efficiently execute andintegrate acquisitions. We continue to see attractive acquisitionopportunities in the large and fragmented U.S. industrial gas and propanemarkets which will allow Valley to continue its disciplined acquisitionstrategy."
Paul, Weiss provided legal counsel to Valley National in connection withthe transaction.
Valley National Gases, with its new headquarters in Independence, OH, is aleading packager and distributor of industrial, medical and specialty gases,welding equipment and supplies, propane and fire protection equipment. ValleyNational Gases is based in Cleveland, Ohio and operates in 18 states, with 10production and distribution centers in the eastern United States.
Valley National Gases, LLC was acquired in February 2007 by New York-basedprivate equity firm CI Capital Partners LLC, formerly known as Caxton-IsemanCapital LLC. In addition to Valley, current CI Capital Partners portfoliocompanies include Ply Gem Industries, Inc., the largest North Americanmanufacturer of residential siding, and fifth largest U.S. windowmanufacturer; KIK Custom Products, Inc., the largest North American contractmanufacturer of branded and retailer-branded consumer products; ElectrographSystems, Inc., a leading national distributor of display technology solutions;American Residential Services, LLC, a leading provider of HVAC and plumbingservices; Prodigy Health Group, Inc., a rapidly expanding health care servicescompany; Conney Safety Products, LLC a full-service distributor of safetyproducts; and CoVant, a federal IT services company led by the formerexecutives and board of directors of Anteon Corporation.
CONTACTS:
James P. Hart of Valley National Gases, 216-573-9956 / or [email protected]
David Lilly, Kekst and Company, 212-521-4800
SOURCE Valley National Gases, LLC
