Chart to buy AirSep for $180M
CLEVELAND – Chart Industries has entered into a definitive agreement to acquire AirSep Corp. for $170 million in cash and up to $10 million in assumed debt, the companies announced this week.
The deal allows Chart to supplement its BioMedical Group’s oxygen product offerings and provides a growth platform for on-site air separation gas generation for industrial segments, according to a release.
“The acquisition also represents an attractive and stable complement to our large and rapidly growing energy business, including LNG liquefaction and transportation opportunities,” stated Sam Thomas, chairman, CEO and president of Chart.
For AirSep: “Our merger into Chart will allow us to grow our business on a broader scale and continue to provider high quality and innovative products,” stated Ravi Bansal, chairman and CEO of AirSep. “We are excited to take our capabilities to current and new customers across the globe, leveraging Chart’s experience and relationships.”
The companies plan to close the deal in the third quarter. It is expected to add about $130 million in annual revenues to Chart’s BioMedical Group, according to the release.
The deal also includes senior management retention arrangements to ensure business continuity, according to the release.
Chart is a manufacturer of highly engineered equipment used in the production, storage and end-use of hydrocarbon and industrial gases. AirSep is a manufacturer of stationary and portable oxygen concentrators for medical use, as well as on-site air separation oxygen generation systems for industrial applications.