Colfax Corp. has agreed to acquire Victor Technologies from Irving Place Capital (IPC). Colfax is a global manufacturer of gas- and fluid-handling and fabrication technology products.

The deal is all cash for approximately $947 million, including the assumption of debt.

Victor is a designer and manufacturer of a comprehensive suite of metal cutting, gas control, and specialty welding products. IPC acquired Victor, which was previously named Thermadyne Holdings Corp., in a take-private transaction in December 2010.

“We are pleased with the progress that we have made in partnership with Irving Place Capital over the past several years as we have built Victor into a stronger company with a greater presence in key global markets and an improved offering for our customers,” said Martin Quinn, CEO of Victor. “We are excited to work with the team at Colfax to maintain this positive momentum and continue to build on the Victor team’s accomplishments.”

“We are proud of the revitalization of this 100-year-old company that has taken place as a result of our partnership with Victor’s management team. Since 2010, the strategy of driving operational improvements to fund investment in innovation, branding, distribution, and sales has created tremendous value for all of Victor’s stakeholders. We have enjoyed working with Martin and his talented team as they have successfully executed on this strategy, and we wish them continued success,” said Douglas Korn, senior managing director of IPC.