Odyssey Investment Partners takes majority stake in Falcon Gases

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.