Oxarc Inc., a Spokane-based distributor of industrial, medical, and specialty gases and welding and safety supplies, has been acquired by New York-based Meritus Gas Partners, according to a press release from Meritus.
A representative for Meritus couldn’t be reached immediately for comment regarding the acquisition. Terms of the transaction weren’t disclosed in the release.
Founded in 1968, Oxarc has 22 locations across Washington, Idaho, and Oregon, according to the company’s website. Co-executive vice presidents Jenna Fitzgerald, the granddaughter of Oxarc founder Jerry Walmsley, and Jason Kirby will continue to lead the business’s operations while holding equity ownership in Meritus, the company says in the release.
Oxarc will continue to operate under its longtime name and brand.
“Partnering with Meritus affords two generations of Walmsley owners to retire and monetize their investments, while allowing the company to remain under the direction of the family’s third generation,” Fitzgerald says in the release. “We will maintain Oxarc’s independence and brand and remain committed to our dedicated employees and loyal customers.”
Oxarc offers products and services for various industries, including agriculture, construction, and manufacturing.
According to the release, the acquisition “furthers Meritus’ strategy to expand its presence in the Western United States and is expected to generate significant growth opportunities for Meritus in the Pacific Northwest.”
Meritus, a portfolio company of New York-based investment firm AEA Investors LP, is assembling a national network of independent distributors of industrial, medical, and specialty gas and industrial supplies, the release says.
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