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ma-a-view-from-within
ma-a-view-from-within

M&A: A view from within

The competitive landscape of the US industrial gas business has changed considerably over the last decade. In 2001, there was still a plethora of independent distributors and producers, ranging in size from small, local, one or two-store businesses to several large regional companies formed by the fusion of firms in the same regional geography.

The major gas companies (MGCs) were also very different back then, with just about all of them sporting significant packaged gas distribution businesses.

Since then, the MGCs have embraced different strategies with regard to US packaged gas distribution, with notably Praxair, Airgas, and MATHESON focused on improving their geographic presence or extending the reach of packaged gas business through the acquisition of independent distributors. The frenzy of acquisitions during this time was illustrated by the owner of one independent distributor who told us in 2008, “It feels a little like deer season, and I’m among the deer.”

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