The $422-million takeover of Thermadyne Holdings Corp. by private equity group Irving Place Capital has been finalized. The purchase was announced in late October, following an agreement between Thermadyne’s directors and the new investors, which paid $15/share for Thermadyne’s common stock.

Irving Place Capital focuses on buyouts, recapitalizations and “growth capital opportunities.” Its holdings include a variety of financial, industrial, and retail companies, including Alpha Packaging Holdings, Alter Moneta, CamelBak, Caribbean Financial Group, Cavalry Investments, CH4 Energy, Chesapeake Corp., Doral Financial, Ironshore Inc., MC Energy Logistics Ltd., Mold-Rite Plastics Inc., New York & Company, Pet Supplies “Plus”, Transamerican Auto Parts Company LLC, Vitamin Shoppe, and several others.

The transaction was approved December 2 by Thermadyne shareholders. The St. Louis-based manufacturer and distributor of a wide range of welding products is now a privately held company and will be delisted from the NASDAQ exchange.

Thermadyne manufactures metal cutting and welding products and accessories. Its various product lines include Victor^®, Tweco^®, Arcair^®, Thermal Dynamics^®, Thermal Arc^®, Stoody^®, TurboTorch^®, Firepower^® and Cigweld^®.

The group’s executive team, including president Martin Quinn, chief operating officer Terry Downes, chief financial officer Steve Schumm, and executive vice president of Global Operations Terry Moody, remain in place.

Also, Thermadyne now has a new executive chairman. Mike McLain is the former president, CEO, director, and chairman of Aearo Technologies Inc., an Indianapolis-based manufacturer of personal protection equipment for industrial workplaces. McLain is also a former president and CEO of DowBrands Inc.