Odyssey Investment Partners takes majority stake in Falcon Gases
Context
In September 2026, private equity firm Odyssey Investment Partners established a new industrial gas platform through a strategic majority investment in the newly formed holding entity Falcon Gases. Concurrently with its capitalization, Falcon Gases completed its inaugural acquisition by acquiring 100% of Encore Gas & Supply, marking Odyssey’s second platform launch of the 2026 calendar year. The transaction reflects Odyssey’s programmatic buy-and-build strategy to consolidate the fragmented US packaged and specialty gas distribution market. By backing Falcon Gases' leadership team, Odyssey aims to build a leading national distributor capable of competing with global industrial gas conglomerates. Operationally, Falcon Gases will maintain a decentralized model: acquired businesses—beginning with Encore Gas & Supply—will retain their commercial brands, localized operations, and incumbent management teams to preserve critical regional customer relationships. Supported by Odyssey’s capital base, Falcon Gases is positioned to pursue both organic growth and an active M&A pipeline. The investment thesis focuses on deploying growth capital into independent operators running high-pressure cylinder filling plants and microbulk delivery systems across core markets, including oxygen, nitrogen, helium, and hydrogen distribution.
Falcon Gases, which reported an EBITDA margin of [members only] in 2026, is valued in this transaction at an EV/EBITDA multiple of [members only].
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Target
Falcon Gases is a packaged gas distribution platform focused on acquiring independent regional distributors. Founded in late 2025, the corporate entity coordinates the delivery of industrial, medical, and specialty gases. The executive committee steering the strategy includes Chief Executive Officer Pete Jeffe, Chief Commercial Officer Chris Granger, Vice President of Projects Steve Morton, and Chief Financial Officer Eric Friedman. The physical distribution network is anchored by its foundational subsidiary, Encore Gas & Supply, established in 2014 by Ben Anderson and Kelly Park. Operating through three Southern California branches located in Long Beach, Ontario, and Valencia, this division supplies pure gases such as argon and acetylene, alongside ultra-high-purity calibration gases. Field technicians deliver these products utilizing high-pressure cylinders and on-site microbulk systems. Furthermore, the commercial catalog encompasses the direct sale of filler metals and safety equipment, complemented by maintenance services for welding robots and plasma cutters. This infrastructure actively serves a diversified client base, encompassing aerospace manufacturers, analytical laboratories, regional contractors, healthcare providers, food and beverage producers, and professional motorsports teams.
Ent. Value
[members only]
Equity Value
[members only]
Multiples
EV / Revenue
[members only]
EV / EBITDA
[members only]
EV / EBIT
[members only]
Historical Financials (USD)
Other operations with Odyssey Investment Partners
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 01/2021 | ODYSSEY INVESTMENT PARTNERS | CHAMPIONS GROUP | UNITED STATES | HVAC (Heating/AC) |
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REFERENCES
Revenue range: REV 25m USD - 250m USD
Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Falcon Gases by Odyssey Investment Partners are reserved for mynth community members. Register for free to unlock full data.
Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.
Target: falcon gases
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