Advised on Sale of CompanyEnergy & Utilities
Acquired 100% of Business Operations
Capstone Partners’ Special Situations Investment Banking (SSIB) Group has completed the sale of the assets of Taronis Fuels, a leading, publicly traded industrial gas manufacturer and distributor, to Meritus Gas Partners, a portfolio company of AEA Investors, under §363 of the US Bankruptcy Code.
Taronis is a manufacturer and distributor of industrial, medical, specialty and beverage gases along with welding and safety supplies through its subsidiary company, MagneGas Welding Supply, all of which are predominantly based in the southern and western US. Taronis supplies its customers with products ranging from bulk quantities of cryogenic gases to individual packaged cylinders and have the capacity and expertise to supply large, bulk cryogenic gas customers as well as small one-man businesses.
“I am very pleased that we were able to execute a highly efficient and effective sale process, overcoming a number of challenges, and achieving a great result for the Company and its stakeholders – in less than 75 days from our engagement to the sale confirmation hearing. It was also incredibly rewarding that all of the Taronis employees will be retained by the buyer, saving over 40 jobs,” said Jamie Lisac, Managing Director and Head of Capstone’s Special Situations Investment Banking Group.
Capstone worked collaboratively with Potter Anderson & Corroon LLP, a leading law firm that served as counsel for the debtors and Aurora Management Partners, a nationally recognized financial services firm that acted as the CRO. Potter Anderson & Corroon LLP and Aurora Management Partners demonstrated the highest level of expertise and knowledge of their respective industries and exemplified true professionalism and dedication to an expedited process.
Meritus Gas Partners is a platform led by a team of accomplished industry executives to acquire best-in-class independent packaged gas distributors across North America. Meritus Gas Partners offers a unique opportunity for independent packaged gas and welding supply distributors dealing with the various common challenges facing small businesses today.
AEA is a private equity firm established in 1968 and has over $18B in AUM, that focuses on B2B, commercial, products, services, healthcare, and technology sectors in the United States, Canada, Europe, and Asia.