Controlled by Asia-Pacific (APAC)-centric investment group PAG Private Equity (PAG), AirPower is the largest independent industrial gases supplier in China by revenue and – under the agreement – Smart Gas shareholders and executives will remain in their current roles.
Additional roles for Smart Gas – a cross-border industrial gases distributor – will be appointed by AirPower.
Commenting on the agreement, Wong Tak-Wai, Chairman, AirPower, Co-Head, PAG, said, “We are very pleased to welcome Smart Gas to the AirPower Technologies platform, and we look forward to more opportunities to better serve our customers in Southeast Asia.”
Having been created in 2021 following a merger between Yingde Gases and Baosteel Gases, two PAG-controlled companies, AirPower supplies industrial gas-related engineering and operational solutions to various sectors including manufacturing, electronics, and healthcare.