Packaged gas distribution platform Falcon Gases announced Sept. 22 that it secured a strategic majority investment from private equity firm Odyssey Investment Partners and acquired Encore Gas & Supply.

Terms of both transactions were not disclosed. Falcon said the Encore deal represents its first acquisition and establishes a foundation for an acquisition-driven expansion strategy in the packaged gas and welding supply sector.

Founded in late 2025, Falcon is building a packaged gas distribution platform through organic growth and acquisitions of independent distributors. The company supplies industrial, medical and specialty gases along with bulk and microbulk gases and welding supplies. Falcon’s strategy calls for building regional scale while maintaining the local operations, customer relationships and employee bases of acquired distributors.

“These transactions create a strong foundation for Falcon to execute its strategy of becoming a high-growth, well-capitalized, and large-scale independent packaged gas distribution platform,” Falcon CEO Pete Jeffe said in the announcement.

Odyssey will work with Falcon’s management team to accelerate the combined company’s organic growth and M&A expansion. The New York-based private equity firm focuses primarily on industrial and business services companies and takes majority control positions. Founded in 1997, Odyssey said it has raised more than $8.3 billion of private equity capital across more than 50 platform investments and approximately 300 add-on acquisitions. Its current sixth fund has $3.25 billion in commitments.

Encore, founded in 2014 by industry veteran Ben Anderson and owner Kelly Park, distributes packaged and bulk gases, welding equipment and supplies and provides technical services. It operates three Southern California showrooms in Long Beach, Ontario and Valencia, along with a specialty and industrial gas facility in Signal Hill. Its gas offerings include cylinder, bulk and microbulk products as well as specialty and custom gas blends.

Encore President Anderson said the company will continue emphasizing investments in customers, employees and assets as part of Falcon.

Falcon said its acquisition approach centers on partnering with independent distributor owners and management teams rather than simply consolidating businesses. With Odyssey’s backing, the company plans to pursue additional acquisitions as it builds scale in the packaged gas market.