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

Investment type
  • Secondary buyout
Exit type
  • Private equity sale
Exit date

August 2023

Quote mark

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.”

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.

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.


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