Meritus Gas Partners Announces Partnership with East Bay Welding Supply

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Oct 09, 2024, 08:00 ET

NEW YORK, Oct. 9, 2024 /PRNewswire/ -- Meritus Gas Partners ("Meritus") announced today that it entered into a partnership with East Bay Welding Supply ("East Bay"), a leading independent distributor of packaged gases and welding supplies headquartered in Martinez, CA. Financial terms of the transaction were not disclosed.

Founded by Steve Evans and Rick Lindgren, East Bay serves the greater San Francisco Bay Area from its two locations in Martinez and Antioch, CA. Evans and Lindgren will continue to lead the business following the transaction and will maintain significant equity ownership in Meritus.

"Rick and I started East Bay in 1989 in order to give customers an alternative to the major gas producers after consolidation among independent gas distributors in our area," said Evans. "We saw an opportunity and, along with our dedicated employees, grew the business successfully since our inception. We prioritized the customer and offered them unmatched service. We chose Meritus as a partner to ensure that East Bay continues to operate as it has historically and provides our customers with exceptional service. We chose Meritus to preserve the integrity of our business and our legacy."

Lindgren added, "Meritus has a great offering, as we can preserve our company's culture and brand yet be a member of a larger, more diversified business. We are excited to be joining Meritus."

"East Bay Welding Supply is an excellent fit for Meritus, and we are excited to welcome Steve, Rick and the entire team to Meritus," said Meritus' Vice President Steve Bogard. "They are the perfect partner to support our growth as we build out our presence in Northern California. The San Francisco Bay Area is one of the largest MSA's in the country and extraordinarily diverse – it is the home to metal fabrication, laboratory, university research, biotech and electronics industries. Meritus partners now operate out of seven Northern California locations, and we expect to further expand our capabilities and reach into new markets."

About Meritus Gas Partners
Founded in December 2020, Meritus is a portfolio company of AEA Investors Small Business Private Equity. Meritus is assembling a national network of high-quality independent distributors of industrial, medical and specialty gases, and welding and safety supplies, located in diverse geographies and serving growing end-markets. Meritus will partner with exceptional businesses and management teams, allow them to remain independent and entrepreneurial, and support them to accelerate growth, improve business quality, and enhance value. Owners are invited to invest meaningful equity into the Meritus holding company to allow them to share in the success of the overall platform. Visit us online at www.MeritusGas.com.

About AEA Investors
AEA Investors was founded in 1968 by the Rockefeller, Mellon, and Harriman family interests and S.G. Warburg & Co. as a private investment vehicle for a select group of industrial family offices with substantial assets. AEA has an extraordinary global network built over many years which includes leading industrial families, business executives, and leaders, many of whom invest with AEA as active individual investors, join its portfolio company boards, or act in other advisory roles. Today, AEA's over 120 investment professionals operate globally with offices in New York, Stamford, San Francisco, London, Munich, and Shanghai. The firm manages funds that have approximately $19 billion of invested and committed capital including the leveraged buyouts of middle market and small business companies, growth capital, and private debt investments. AEA Small Business Private Equity ("AEA SBPE") is a strategy within AEA that currently manages $3.5 billion of invested and committed capital. The team seeks to help grow and transform companies at the lower end of the middle market by sponsoring growing companies with proven management teams and superior business models. For more information, visit www.aeainvestors.com.