Lead Forensics


A-Gas: Powering global growth

Follow on funding supports international buy and build strategy for leading gas and chemicals business.


A‑Gas is the world leader in the supply and lifecycle management of refrigerants and associated products and services.

Deal type
  • Secondary buyout
Deal value


Exit type
  • Private equity sale
Exit date

June 2017

Exit value


Re-investment date

December 2017

Headquartered in Bristol, A-Gas is the world leader in supplying and managing refrigerant and industrial gases, fire suppressants and blowing agents, operating across four continents.

Since it was established in 1993, the firm has contributed to improvements in: living conditions, food supply and safety, medical science, transport and travel and engineering breakthroughs, among others

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.

orange quote mark
LDC’s financial, strategic and operational support over the last six years has been a key ingredient in our success, helping to transform the group and creating a platform for continued growth.”
Andrew Ambrose, Group CEO

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.

A-Gas has since continued its acquisition strategy and acquired the reclamation business of Safety Hi-Tech in Italy and the entire business and intellectual property of Australia-based Salience Solutions Pty Ltd.

In 2021 A-Gas made the Sunday Times International Track 200. The list, published annually, recognises Britain’s mid-market private companies with the fastest-growing overseas sales. A-Gas has increased international sales by an average of 25% over the past two years and ranked 160th in the list.


Sunday Times International Track 200


Deal of the Year

A-Gas – Insider South West Dealmakers

Management Team of the Year

A-Gas – National BVCA Management Team Awards