GTS, INC.

Leaders advises GTS, Inc. in its management buyout of the Messer GT&S assets of Air Liquide
October 29, 2004

Leaders advises GTS, Inc. in its management buyout of the Messer GT&S assets of Air Liquide

On October 29, 2004 Air Liquide (12007.FR) announced the sale of its US Packaged gas business, GT&S, to a group led by its management team for $80 million.  The new entity, called GTS, Inc., employees approximately 350 people working at 35 locations throughout the Northeast United States.  Air Liquide had acquired the Messer GT&S assets as part of its multi-billion dollar acquisition of MG Industries USA from Germany‚Äôs Messer Griesheim earlier in 2004.  PNC Equity Partners provided equity financing and subordinated debt in connection with the transaction.  Leaders LLC acted as exclusive M&A advisor to the management team in this transaction.