Local private equity firm Council Capital said today it has bought a majority stake in a supply chain manager focused on medical and industrial gases.
Council’s investment in TMG was made in conjunction with former Chart Industries and Praxair executive Mike Walsh, who is president of the business. Combined, the duo took over the management of TMG from Linde Gas North America’s U.S. Healthcare Division. Council said it completed its investment in mid-April.
Atlanta-based TMG manages the medical and industrial gas supply chain at more than 9,000 client locations in all 50 states. The 20-year-old company, which also has operations in southeastern Texas, streamlines the purchase and delivery of gases for use in health care settings and elsewhere.
“As the only full service supply chain management company in the steadily growing $19 billion medical and industrial gases industry, TMG delivers an excellent value proposition to clients and suppliers” said Grant Jackson, general partner at Council Capital. “In addition, we are fortunate to partner with Mike Walsh as a co-investor and CEO. He is widely viewed as a leading operator in the medical and industrial gas industry.”
“After substantial diligence, I determined that Council Capital would be the best partner for me to grow the value of TMG,” Walsh said. “We intend to strengthen our involvement in the healthcare sector, particularly as the aging population drives the need for more oxygen and related services utilization.”