Matrix Announces the Successful Sale of Medical Gas Supply, LLC d/b/a Bestway Welding Supply
RICHMOND, VA/BALTIMORE, MD – September 1, 2020 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, is pleased to announce the sale of Medical Gas Supply, LLC d/b/a Bestway Welding Supply (“Bestway” or the “Company”) to American Welding & Gas, Inc. (“AWG”), one of the nation’s largest independently owned producers and distributors of industrial, medical and specialty gases.
Ernest “Cotton” Speed, III, President of Bestway, noted, “The AWG brand is nationally recognized for excellent customer service, loyalty to employees, and above all else operating with integrity. I can’t think of a better partner to help Bestway’s employees usher in this next phase of growth.” Regarding Matrix’s services, Mr. Speed added, “The team at Matrix has been exceptional in every respect. The level of service and support I received was incredible, and they were able to create immense value for my business during the transaction process.”
The transaction was managed by David Shoulders, Managing Director and Head of Consumer & Industrial Investment Banking; William O’Flaherty, Director; John Mosser, Associate; Matt Oldhouser, Senior Analyst; and Duncan Rogers, Analyst. Mr. Shoulders noted, “It’s been a pleasure to work with Cotton on this engagement. His passion for his business and the industry is truly contagious. We’re thrilled to have achieved a successful outcome for him and Bestway.”
Mr. Speed is an industrial, medical and specialty gas industry veteran, having participated in the sale of over a half-dozen operating businesses. After selling his prior venture in late 2014, Mr. Speed acquired Bestway in early 2016 and quickly transformed the business into an established regional player capable of servicing the largest customers in the greater Houston, TX area and surrounding regions. Joined by Vice President of Operations, Merced Cavazos, and Head of Sales, Jake Juker, Mr. Speed has elevated the Company’s profile in the minds of vendors and customers by expanding Bestway’s distribution capabilities, namely its entry into the bulk distribution market. As a result of its product breadth and unmatched commitment to service, Bestway has emerged as the preferred provider of gases for customers in an array of end markets and industries.
Jason Krieger, President and CEO of AWG, added, “We are very pleased to welcome Bestway and their impressive team to AWG. Their focus on service first has provided them great growth in Houston. It also aligns well with our mission of providing productivity solutions for our clients with superior customer service. Together, we have a strong platform for growth in Texas.”
Balch & Bingham LLP served as legal counsel for the Company.
AWG, headquartered in Raleigh, NC, operates 78 retail locations and 18 fill plants stretching from Montana to Florida. Founded in 1949, AWG produces and distributes industrial, medical, and specialty gases. www.awggases.com