Airgas, a direct merchant of industrial gases and safety gear, announced May 9 it has purchased Pain Enterprises, which produces and distributes dry ice and carbon dioxide in the Midwest. Terms of the deal were not disclosed.
Established in 1957 as a welding supply business, Pain Enterprises today serves the food and beverage industry, hospitals, and industrial and chemical manufacturers. Pain had added dry ice production and distribution to its line in 1977 and has seen steady growth with it. The $33 million company is based in Bloomington, IN, and has 20 locations and more than 140 employees.
Airgas spokesperson Jay Worley says the company, which has completed about 400 acquisitions in its nearly 30-year history, has consistently pursued growth through organic and acquisition strategies.
“The acquisition of Pain Enterprises arose as part of our ongoing corporate development efforts,” Worley says. “Pain’s geographic footprint expands our liquid CO2 and Dry Ice network in many ways, providing enhanced presence and production throughout the Midwest.”
What’s more, Worley says Pain Enterprises provides more channels to expand Airgas’ Penguin Dry Ice brand in retail locations as well as to serve its beverage carbonation customers. “The pursuit of further acquisitions will continue to be an important element of our growth strategies.”