NuCO2 Announces Strategic Alliance With Praxair
STUART, Fla., Sept. 30 /PRNewswire/ -- NuCO2, the largest supplier in the U.S. of beverage carbonation services for the restaurant and hospitality industry, which is owned by Los Angeles-based private equity firm Aurora Capital Group, today announced that it has formed a strategic alliance with Praxair, Inc. (NYSE: PX). The alliance includes a long term supply agreement for NuCO2's purchase of bulk CO2 and beverage carbonation related high pressure cylinder gases from Praxair.
In addition, NuCO2 has acquired certain of Praxair Distribution Inc.'s retail beverage carbonation business assets in the U.S., which include approximately 7,500 customer locations. Following completion of the asset acquisition, NuCO2 now has approximately 141,000 total customer locations throughout the U.S.
"This alliance with Praxair complements our business and provides NuCO2 with an important supply relationship for raw materials," said Michael E. DeDomenico, NuCO2's Chairman and Chief Executive Officer. "The acquisition of approximately 7,500 Praxair customer locations is a sizable addition to NuCO2's existing business. This is an excellent fit overall, as NuCO2 shares the same high quality and service standards that Praxair Distribution Inc.'s beverage carbonation customers have enjoyed. We are planning for a smooth and seamless integration of the business into NuCO2's existing service platform."
Michael E. DeDomenico
Chairman and CEO
For Aurora Capital Group:
Joele Frank, Wilkinson Brimmer Katcher
SOURCE NuCO2 Inc.
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