Gryphon and Portfolio Company News
Gryphon Investors Acquires RapidAir
Establishes New Platform for Branded Downstream Compressed Air Solutions
Gryphon Investors (“Gryphon”), a leading middle-market private equity firm, announced today that it has acquired RapidAir (or the “Company”), a provider of branded downstream compressed air solutions, from Pfingsten Partners. RapidAir will serve as a platform for future investments in compressed air solutions. This represents the sixth platform deal closed by Gryphon’s Heritage Group, the firm’s small-cap fund strategy. Financial terms of the transaction were not disclosed.
Founded in 2003 and headquartered in Auburndale, WI, RapidAir is a provider of downstream compressed air solutions, including fittings, accessories, aluminum piping, and filtration products. The Company serves customers in the automotive aftermarket, transportation, fleet, distribution, and manufacturing end markets. CEO Mark LeMire, along with the Company’s management team, will remain with RapidAir and retain an ownership stake.
Jeff Pembroke, Gryphon Operating Partner, said, “We are excited to partner with Mark and the RapidAir team to grow the business and further position the Company as a market leader. RapidAir has built a strong reputation as the go-to-provider of downstream compressed air solutions for a variety of applications given its top-tier products, best-in-class customer service and technical support, comprehensive design capabilities, and superior lead times.”
Tim Bradley, Gryphon Deal Partner, added, “RapidAir has demonstrated consistent growth in an exciting industry with strong tailwinds. We believe there is an opportunity to continue to scale the business by leveraging Gryphon’s operational experience to further enhance the Company’s product portfolio, penetrate new end markets and execute on strategic M&A.”
RapidAir is actively seeking to partner with additional businesses to further expand its product portfolio and enter new geographies and markets.
Gryphon was advised by legal counsel Kirkland & Ellis and financial advisor BMO Capital Markets. Lincoln International served as the exclusive financial advisor to RapidAir, and Katten Muchin Rosenman served as legal counsel.
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About RapidAir
Founded in 2003 and headquartered in Auburndale, WI, RapidAir is a provider of downstream compressed air solutions, including fittings, accessories, aluminum piping, and filtration products. The Company serves customers in the automotive aftermarket, transportation and fleet, distribution center, warehouse, and light-and-medium duty manufacturing end markets.
About Gryphon Investors
Gryphon Investors is a leading middle-market private equity firm focused on profitably growing and competitively advantaged companies in the Business Services, Consumer, Healthcare, Industrial Growth, and Software sectors. With approximately $9+ billion of assets under management, Gryphon prioritizes investments in which it can form strong partnerships with founders, owners, and executives to accelerate the building of leading companies and generate enduring value through its integrated deal and operations business model. Gryphon’s highly differentiated model integrates its well-proven Operations Resources Group, which is led by full-time, Gryphon senior operating executives with general management, human capital acquisition and development, treasury, finance, and accounting expertise. Gryphon’s three core investment strategies include its Flagship, Heritage, and Junior Capital strategies, each with dedicated funds of capital. The Flagship and Heritage strategies target equity investments of $50 million to $350 million per portfolio company. The Junior Capital strategy targets investments in junior securities of credit facilities, arranged by leading middle-market lenders, in both Gryphon-controlled companies, as well as in other private equity-backed companies operating in Gryphon’s targeted investment sectors.
Contact:
Lambert
Caroline Luz
203-570-6462
or
Jennifer Hurson
845-507-0571