Pfingsten announces the sale of RapidAir (“RapidAir” or “Company”) to Gryphon Investors, a San Francisco-based private equity firm.
RapidAir, headquartered in Auburndale, WI, is a leading designer and asset-light manufacturer of branded compressed air solutions including fittings, accessories, piping and filtration products. Utilizing an omnichannel approach, the Company serves a broad range of end markets including aftermarket transportation, fleet maintenance, distribution centers, warehouses and advanced manufacturing.
“We identified a pivotal market shift from legacy products to innovative aluminum solutions and RapidAir was uniquely positioned to seize significant growth given their outstanding customer service, product development and focus on new channels to market,” said Phil Bronsteatter, Pfingsten Managing Director. “Our partnership with RapidAir further strengthened the business through strategic investments in its management team, sales resources, customer support, product development, and enhanced e-commerce capabilities”.
“Pfingsten’s emphasis on strategic planning, operational enhancements and system improvements enabled us to capture significant market share and drive growth” said RapidAir’s CEO, Mark LeMire. “We are incredibly proud of our accomplishments during our partnership with Pfingsten and are looking forward to the next chapter of growth for RapidAir.”
“We are extremely pleased with what Mark and the RapidAir team achieved through their unwavering commitment to customers, suppliers and employees,” said Denio Bolzan, Pfingsten Managing Director. “We believe the future of RapidAir is bright and are confident the Company will continue to excel under the stewardship of its new investors.”
The transaction closed on October 15, 2024. Lincoln International acted as financial advisor to RapidAir and Katten Muchin Rosenman served as legal counsel. Kirkland & Ellis served as legal counsel to Gryphon Investors.
About Pfingsten
Pfingsten is an operationally focused private equity firm formed in 1989. From its headquarters in Chicago and representative offices in India and China, the firm builds better businesses through operational improvements, professional management practices, global capabilities and profitable business growth. Since completing its first investment in 1991, Pfingsten has raised six investment funds with total commitments of approximately $1.8 billion and has acquired 171 manufacturing, distribution and business services companies. For more information, please visit pfingsten.com.