Private equity firm takes majority stake in Bristol gases company

Portishead-based refrigerant gases firm A-Gas has sold a majority stake in the company to climate investing strategist TPG Rise Climate.

KKR, A-Gas’ majority owner, will remain a significant minority shareholder in the business, continuing to work with TPG Rise Climate and the A-Gas leadership team.

A-Gas has been at the forefront of capturing refrigerant gas for future re-use or safe destruction for more than 30 years, creating a closed-loop system that prevents harmful release of gas into the atmosphere.

With the backing of TPG Rise Climate, A-Gas plans to further scale operations globally, meeting the growing demand for refrigerant use and further establishing a more sustainable and circular refrigerant gas value chain.

The deal is expected to close by the end of 2023.

“Our investment in A-Gas is a thematic play on the increasing importance of establishing circular economies in critical industries,” Joerg Metzner, business unit partner at TPG Rise Climate, said in a joint statement.

“A-Gas will play a leading role towards a more sustainable and circular refrigerant gas value chain globally as demand for refrigerants continues to grow and regulatory scrutiny and enforcement increase

Osborne Clarke advised on the deal with a team led by private equity partners Alisdair Livingstone and James Taylor, and senior associate Jack Wellington.

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