A-Gas, a Portishead, Bristol, UK-based global leader in the supply and lifecycle management of refrigerant gases, announced that its owners, including majority owner KKR, have entered into a definitive agreement to sell a majority stake in the company to TPG Rise Climate, the dedicated climate investing strategy of TPG’s global impact investing platform, TPG Rise.
KKR will remain a significant minority shareholder in the business, continuing to work in collaboration with TPG Rise Climate and the A-Gas Leadership Team. The deal marks a full exit for minority investor, LDC, following a 12-year strategic partnership. The transaction is expected to be completed by the end of 2023, subject to customary closing conditions, including certain regulatory approvals. Additional terms of the transaction were not disclosed.
Led by Jack Govers, Chief Executive Officer, A-Gas Group is the world leader in the supply and lifecycle management of refrigerants and associated products and services. Through its recovery, reclamation, and repurposing processes, the company captures refrigerants and fire protection gases for future re-use or destruction, preventing their harmful release into the atmosphere.
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.
Over the past three decades, A-Gas has extended its market leadership into new growth verticals such as on-site Rapid Recovery of refrigerant gas, the safe destruction of legacy gases, and the generation of carbon credits. The company has also continued to expand its global presence during KKR’s investment period, entering new markets across Europe, such as Germany, the Netherlands, and Italy, while substantially scaling the company’s operations in the US, entering Canada with the construction of a new refrigerant recovery and reclamation facility in Ontario, as well as expanding in Asia through the acquisition of a Japanese refrigerant reclamation and destruction company. Since KKR’s acquisition, which was made through KKR European Fund IV in 2017, A-Gas has grown revenue by 14% and EBITDA by 18% on average annually.
FinSMEs
17/08/2023