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ESPRIGAS ANNOUNCES KALTROCO INVESTMENT FOR NEXT PHASE OF GROWTH

Atlanta, GA, August 13, 2019 – EspriGas, a technology and data-driven medical and industrial gas company, announced today an investment from Kaltroco, a private investment company. Kaltroco, which has operations in both the United States and Europe, purchased the stake in EspriGas from Council Capital, a private equity firm based in Nashville, TN. This new partnership will support the company’s growth initiatives in the $130 billion global industrial gas market. CEO Mike Walsh will remain a significant shareholder in EspriGas alongside Kaltroco.

EspriGas brings a modern approach to the gas industry by utilizing a network business model to deliver products throughout the country. The company leverages its unique service and technology capabilities to handle the complex logistical needs of large, multi-site companies through a national network of gas supply partners. The company’s customer base includes Fortune 1000 companies across a variety of industries.

Kaltroco is a private investment company committed to supporting the long-term growth of high-quality middle-market businesses. Established in 1994, Kaltroco is owned and funded by the family of a founding partner of one of the world’s leading private equity firms. Through its far-reaching global network and its deep experience in the consumer and services sectors, Kaltroco is able to support both the domestic and international growth ambitions of portfolio company management teams. Kaltroco’s partnership-minded approach is rooted in its distinctive, evergreen capital base, which allows for unusually strong alignment with management shareholders and family and founder owners with respect to long-term value creation objectives.

Since Council Capital’s investment in 2013, EspriGas has more than doubled revenue and EBITDA and gained significant traction with customers in the healthcare vertical. Council invested in EspriGas alongside Mike Walsh, who commented, “We found success by delivering an excellent customer experience. Council Capital was the perfect match for EspriGas. With access to strategic thinkers, introductions to potential customers, and support from shared portfolio resources, the Council Model helped us through every stage of our growth.”

Grant Jackson, Managing General Partner at Council Capital, added, “It has been a pleasure to work with Mike and his team. EspriGas is an excellent example of how we leverage the Council Model to partner management teams with a deep bench of industry and functional experts and facilitate new customer relationships. Whether it was expanding within healthcare, finding new markets, automating operations, or acquiring competitors, we were happy to provide EspriGas with access to the right mix of resources to help them grow and execute. We wish Mike and his team the best in the next phase of their growth; we know they will continue down the path of success.”

Kenneth Hammond, Managing Director and Head of North American Investments for Kaltroco, said, “We are incredibly excited to be partnering with Mike and his team. We believe EspriGas is an exceptional business, with a differentiated service model, a loyal and highly satisfied customer base, and an impressive track record of historical growth. We look forward to supporting Mike and his team as they pursue the next stage of the company’s growth and extend the business into new channels and geographies.”

Mike Walsh added, “We believe Kaltroco is an ideal partner as we embark on the next phase of our growth journey. Kaltroco’s international reach, high-quality network, and deep private equity experience should all prove valuable as we pursue our strategic goals. We truly enjoyed working with Council Capital over the past six years, and we are very excited to have found another high-quality partner in Kaltroco.”