Arsenal Capital Partners (“Arsenal”), a leading private equity investment firm that specializes in building market-leading industrial growth and healthcare companies, today announced it has led a recapitalization of EspriGas (“EspriGas” or the “Company”), providing capital to support EspriGas’ next phase of transformative growth.

EspriGas is a digital disruptor and the leading technology-enabled platform for packaged gas fulfillment in North America, serving a broad set of markets including industrial, medical, beverage, and propane. The Company operates a proprietary network leveraging data, telemetry, and software to optimally connect packaged gas suppliers to more than 35,000 customer locations. The model delivers a two-sided value proposition: customers gain improved service, administrative relief, and cost savings, while suppliers gain better access to end customers. EspriGas serves small, single-site customers as well as large, multi-site national customers with a consistent, scalable service model that ensures reliable supply and real-time visibility into packaged gas procurement. The model has delivered revenue growth in every year of the Company’s more than two-decade-long history.

“For more than 25 years, our mission has been to solve the structural pain points within industrial gases, a value chain that is incredibly complex and often underserves the end user base,” said Mike Walsh, Founder and CEO of EspriGas. “We are excited to embark on this next phase of growth in partnership with Arsenal, which shares our vision and brings valuable ideas, resources, and capital as we continue to build out our network, deepen our technology stack, expand into new products and geographies, and keep raising the bar on how we serve our customers.” Following the closing, Mike Walsh will continue to lead EspriGas as CEO and will continue to be an investor in the Company.

Kenneth Hammond, Chief Investment Officer at Kaltroco Limited (“Kaltroco”), an existing investor in EspriGas, commented, “Over the past several years, the EspriGas team has grown with new and existing customers, expanded into new end markets such as beverage and propane, and invested in the proprietary technology that now sits at the center of the business, all while deepening the Company’s leadership and capabilities. We are incredibly proud of what Mike and the EspriGas team have accomplished, and we are excited to continue as an investor alongside the Arsenal team.”

George Abd, an Operating Partner at Arsenal, commented, “EspriGas has built something rare in the packaged gas industry—a true network business that becomes more valuable to both customers and suppliers as it grows. Arsenal has a long track record of investing behind disruptive, technology-rich business models, and we look forward to driving EspriGas’ growth in partnership with Mike, the management team, and Kaltroco.”

Robert W. Baird & Co. acted as exclusive financial advisor to EspriGas, and Holland & Knight LLP served as legal counsel. Houlihan Lokey Capital, Inc. served as a financial advisor to Arsenal, and Kirkland & Ellis LLP served as legal counsel.

About EspriGas

Founded in 1998 and headquartered in Atlanta, Georgia, EspriGas is a technology-enabled, asset-light provider of packaged gases that is reshaping how businesses buy and manage packaged gases. Through a national supplier network, EspriGas connects a highly fragmented base of packaged gas buyers to the optimal suppliers, serving more than 35,000 customer locations. The Company’s proprietary technology digitizes ordering and fulfillment, predicts customer reordering needs before supply runs out, and provides real-time tank monitoring, delivering reliable supply, lower costs, and a single point of contact for gases that are critical to customer operations. For more information, visit www.esprigas.com.

About Kaltroco

Kaltroco is a private investment company with headquarters in Jersey, Channel Islands and investment professionals in Nashville, Zurich, and Cape Town. Kaltroco partners with founders and management teams to pursue ambitious growth objectives. As a family-backed investment company with no outside investors and no restrictions on structure or hold period, Kaltroco has the flexibility to invest on the timeline that best fits its portfolio companies’ needs and its partner management teams’ objectives. Since its founding, Kaltroco has invested in over 30 companies globally, with a focus on the healthcare services, business services, and consumer industries. For more information, visit www.kaltroco.com.

About Arsenal Capital Partners

Arsenal Capital Partners is a private equity investment firm that specializes in building market-leading industrial growth and healthcare companies. Since its inception in 2000, Arsenal has raised institutional equity investment funds totaling over $10 billion, completed more than 300 platform and add-on acquisitions, and achieved more than 35 realizations. Driven by our commitment to unlock potential in people, businesses, and technologies, the firm partners with management teams to build strategically important companies with leading market positions, high growth and high value-add. For more information, visit www.arsenalcapital.com.

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