Colfax Corporation, the manufacturing conglomerate that two years ago paid $2.4 billion to acquire Charter International —and thereby, welding equipment and cutting equipment supplier ESAB — now has agreed to buy Victor Technologies Holdings in a deal worth $947.3 million, including debt assumptions.

The deal will combine two competitors, though the buyer stated Victor would complement the ESAB’s geographic footprint and create “a comprehensive product portfolio that brings a broader array of solutions to the global welding and cutting industry.”

The buyer also noted that its Colfax Business System would drive ESAB and Victor’s joint efforts to develop new products, add value to current products, and provide “differentiated customer solutions.”

Victor Technologies’ several brands supply welding, cutting, and gas-control technologies, including Victor, Tweco, Arcair, Thermal Dynamics, Thermal Arc, Stoody, TurboTorch, Firepower, and Cigweld. Last fall, it added the British Gas-Arc Group Ltd. to the group in a $40-million deal.

In 2010, Victor Technologies (then known as Thermadyne Holdings) was the object of a $422-million acquisition by a private-equity group, Irving Place Capital.  Irving Place is the group that agreed to sell its interest to Colfax in a binding agreement.

ESAB, likewise, produces welding and cutting equipment, and welding consumable products, along with the associated automation systems.

"Together, we'll use our combined geographic reach, product technologies, channel resources, and most importantly, organizational talent, to provide innovative welding and cutting solutions for our customers,” stated ESAB president and CEO Clay Kiefaber.

Colfax president and CEO Steve Simms, offered that “ESAB is a great business, with attractive fundamentals, a leading brand built over 110 years, and a strong management team. Victor provides an excellent strategic fit, extending our reach, as well as expanding and improving the breadth of our offering. In addition, it offers numerous opportunities for synergies.”

Simms indicated that buying Victor might not be the last move for his company: "Acquisitions remain a core part of Colfax's growth strategy, and our pipeline is robust. We look forward to welcoming Victor's approximately 2,000 associates to the Colfax family, and to continue building on our strong foundation."