Investment type
- Secondary buyout
Headquartered in Bristol, A-Gas is the world leader in the supply and lifecycle management of refrigerants and associated products and services.
For over 30 years, A-Gas has supported its clients and partners on their environmental journey by supplying lower global warming gases and actively increasing the circularity of the industries it serves.
The company’s proprietary gas separation and recovery technology effectively abated approximately 8 million metric tonnes of CO2e in 2022, the equivalent to removing over 1.6 million cars from the roads for a year.
Significant investment
The management team led a £70m secondary buyout with LDC in 2011 as it looked to accelerate its international buy and build strategy.
During our partnership, LDC provided an additional £30m of follow-on funding as the management team identified six targets that helped expand A-Gas’ geographic footprint and service capabilities across international markets.
By 2016, A-Gas had expanded to 16 sites across Europe, Australia, South Africa and North America, providing full end-to-end management for its global customer base.
LDC’s financial, strategic and operational support has been a key ingredient in our success, helping to transform the group and creating a platform for continued growth.”
Continued international growth
Between 2011 and 2016, the business saw revenues increase by 79 per cent and profits (EBITDA) by 103 per cent.
In 2017, we exited our investment in A-Gas to global investment firm KKR achieving a 3.3x money multiple. We reinvested £23m in December the same year to support the company’s ongoing acquisitive international development strategy.
In the following five years, A-Gas continued to significantly expand its global presence entering new markets across Europe, such as Germany, the Netherlands, and Italy, while substantially scaling the company’s operations in the US, entering Canada, as well as expanding in Asia.
In 2023, KKR agreed to sell a majority stake in A-Gas to TPG Rise Climate, while remaining a significant minority shareholder in the business. This marks a full exit for LDC, following a successful 12-year partnership.
Awards
Sunday Times International Track 200
2021
Deal of the Year
A-Gas – Insider South West Dealmakers
Management Team of the Year
A-Gas – National BVCA Management Team Awards