TransTech Group, a portfolio company of Bridge Industries, has acquired Cryogenic Technology Resources (CTR), a provider of engineered solutions for the industrial gas sector.
The buy-out aims to strengthen TransTech’s position in the cryogenic and high-pressure gas storage and transfer market, including advanced automation and control technologies.
Known for designing, fabricating, installing and servicing cryogenic and high-pressure gas storage systems, CTR offers maintenance and recertification services for bulk storage tanks and transportation fleets.
The purchase supports TransTech’s strategy to broaden its services in response to growing demand across sectors such as air separation, energy, food and beverage, and healthcare.
Greg Ezzell, President & Chief Growth Officer of TransTech, commented on the team’s experience in cryogenic gas systems.
“We are excited to welcome CTR into the TransTech family,” said Ezzell. “Their deep expertise complements our capabilities, allowing us to deliver more comprehensive solutions to our customers.”
Brian Holland, President of CTR, said that the acquisition would expand their geographic reach and allow them to leverage TransTech’s engineering and fabrication capabilities.
CTR’s facility ©CTR
“Together, we are better equipped to meet the complex requirements of industrial gas and air separation plant owners and operators racing to meet both growing market demand and the transition towards more sustainable solutions.”
Jeff Berlin of Bridge Industries called the acquisition a ‘strategic milestone’ for TransTech as it continues to enhance its ability to serve the evolving needs of the industrial gas market.
The global cryogenic and high-pressure gas storage and transfer market is part of a broader sector valued at $19.4 billion in 2023. It is projected to grow at a 5.5% annual rate, reaching $31.1 billion by 2032.
This growth is driven by increasing demand for cleaner energy sources like LNG, advancements in cryogenic technology and applications in industries such as healthcare and industrial gas.
