Hudson Technologies, Inc. is to acquire Airgas-Refrigerants, Inc. (ARI), a subsidiary of Airgas, Inc., citing “stronger distribution capabilities” and a “broader customer network”.
In a deal worth approximately $220m, subject to closing and post-closing adjustments, the acquisition will be financed with available cash balances as well as additional funds borrowed from external sources.
Chairman and CEO of Hudson Technologies, Kevin J. Zugibe, said the deal will be a transformative acquisition for the company, enhancing their business by providing a complementary product portfolio, expanding their geographic footprint and customer base and significantly expanding their sales and distribution capabilities.
He continued, “The increased scale of the combined company will allow us to better serve our customers during the ongoing phase out of Hydrochlorofluorocarbons (HCFC) refrigerants and positions us better to serve an expanded customer base during the future phase down of Hydrogen Fuel Cell (HFC) refrigerants.”
“Additionally, this acquisition gives us access to a significantly larger customer base and a new audience for our Global Energy Services offerings, a growing focus of our business which provide optimisation solutions, engineering assessments and energy management tools.”
“With the acquisition of ARI, we look forward to leveraging our strengthened capabilities, expertise and reach to meet the needs of an expanded customer base. We look forward to serving our existing and acquired customers with our expanded portfolio of products and services.”
The acquisition is subject to customary closing conditions and is currently expected to close in 2017.
Hudson Technologies, Inc., headquartered in Pearl River, NY, is a leading provider of innovative and sustainable solutions for optimizing performance and enhancing reliability of commercial and industrial chiller plants and refrigeration systems.
ARI is a leading refrigerant distributor and EPA certified reclaimer in the U.S. ARI distributes, reclaims and packages refrigerant gases for a variety of end uses.