Indiana location included in welding supply company deal
New York-based Meritus Gas Partners has closed on its acquisition of Arizona-based MagneGas Welding Supply – South LLC. The deal involves a fill plant and specialty gas laboratory in Texas, as well seven retail locations, including one in Huntington.
The company acquired the assets of MagneGas after its parent, Taronis Fuels Inc., filed for Chapter 11 bankruptcy protection. Financial terms of the deal were not disclosed.
Meritus said the acquisition also includes assets related to MagneGas’ business in Louisiana. Its own subsidiary, Mitchel Welding Supply LLC, will integrate all of MagneGas’ assets, customers and employees into its business.
“We are ecstatic to add the excellent MagneGas facilities and operating assets to our growing Mitchell business and welcome MagneGas’ dedicated employees to the Meritus family,” Meritus Vice Chairman Rob D’Alessandro said in written remarks. “We are confident that Mitchell will offer an exceptional level of service to MagneGas’ loyal customers.”
Meritus did not specify how many employees are located at the Huntington site, but D’Alessandro said the company is inheriting “a high-quality gas-rich business in Indiana which gives us a jump start to build a larger business in that area.”
The company did not immediately respond to a request for more information from Inside INdiana Business.
Meritus Gas Partners is a subsidiary of the Small Business Private Equity team of New York-based AEA Investors. The company was founded in 2020 with the goal of assembling a group of independent distributors of industrial, medical, and specialty gases and welding and safety supplies.