10/23/2024
Gryphon Investors, a leading middle-market private equity firm, announced it has acquired RapidAir, 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.
"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,” said Jeff Pembroke, Gryphon Operating Partner.
"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,” said Tim Bradley, Gryphon Deal Partner.
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.
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. For more information, visit https://www.rapidairproducts.com.
