At what enterprise value was A-GAS acquired in 2023?

During the acquisition of A-GAS by TPG in 2023, the transaction's Enterprise Value is estimated to be in the range of 1b - 4b GBP.

What was the EV/EBITDA of A-GAS when it was acquired by TPG?

The estimated EV/EBITDA multiple for A-GAS is in the range of 10x - 18x.

When was A-GAS acquired by TPG?

A-GAS was acquired by TPG in 2023.

What was the EBITDA of A-GAS during the acquisition?

A-GAS's EBITDA is estimated to be in the range of 50M - 100M GBP.

How is the data for the A-GAS acquisition sourced and is it reliable?

Mynth data is contributed by a professional community of M&A and Private Equity experts. Each transaction, including the A-GAS deal, is systematically cross-verified by our team using private deal documents and official sources. You can also find the official press release for this transaction here: https://www.unquote.com/uk/official-record/3029854/tpg-takes-majority-control-of-a-gas-doubles-down-on-impact-investing

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Home DatabaseA-GAS

09/2023

A-GAS acquired by TPG

UNITED KINGDOM Utilities (Regulated Infrastructure) / Waste Management / Hazardous Waste EV 1b - 4b GBP

Context

TPG Rise Climate has agreed to acquire a majority controlling stake in A-Gas from KKR. The transaction represents a doubling down on TPG's thematic focus on the circular economy. The strategic rationale centers on scaling A-Gas's ability to recover and recycle critical gases globally, thereby reducing the carbon footprint of the HVAC and industrial sectors. TPG intends to leverage its specific expertise in the US carbon credit market to unlock new value streams for the company. KKR, which had owned the business since 2017, will retain a significant minority stake to partner with TPG in the next phase of growth, while the minority investor LDC will fully exit.

A-GAS, which reported an EBITDA margin of in 2023, is valued in this transaction at an EV/EBITDA multiple of .

Target

Founded in 1986, A-Gas is a global leader in the supply and lifecycle management of refrigerants and Corporate gases. The company operates at the intersection of environmental protection and Corporate supply, providing services to recover, reclaim, and repurpose gases used in air conditioning, refrigeration, and fire protection. By cleaning and reusing these gases (instead of venting them), A-Gas prevents the release of harmful emissions. It operates in 14 countries and has expanded into high-growth verticals such as carbon credit generation and on-site "Rapid Recovery" services.

Ent. Value

Equity Value

Multiples

EV / Revenue

EV / EBITDA

EV / EBIT

Historical Financials (GBP)

Year

Rev

EBITDA

EBIT

2023

2022

Similar deals in Utilities (Regulated Infrastructure)

List of similar M&A transactions (Date, Acquirer, Target, Country, Sub-sector)
Date	Acquirer	Target	Country	Sector
06/2024	SECHE ENVIRONNEMENT	ECO CORPORATE ENVIRONMENTAL ENGINEERING (ECO)	SINGAPORE	Hazardous Waste
06/2024	VEOLIA	ENVIROPACIFIC	AUSTRALIA	Hazardous Waste
09/2023	EURAZEO	2B SERVICES & INNOVATIONS	FRANCE	Waste Management
08/2021	STIRLING SQUARE CAPITAL / DEUTSCHE BETEILIGUNGS (DBAG)	ITELYUM	ITALY	Waste Management
06/2021	PLATINUM EQUITY	URBASER	SPAIN	Waste Management
07/2019	ANTIN INFRASTRUCTURE	Vicinity Energy	UNITED STATES	District Heating
04/2019	SECHE ENVIRONNEMENT	MECOMER	ITALY	Hazardous Waste
06/2018	ICON INFRASTRUCTURE	EcoEridania	ITALY	Hazardous Waste
05/2018	ANTIN INFRASTRUCTURE	IDEX	FRANCE	District Heating
06/2014	Xenon Private Equity	EcoEridania	ITALY	Hazardous Waste

REFERENCES

Valuation range: EV 1b - 4b GBP

EBITDA range: 50M - 100M GBP

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of A-GAS by TPG are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Acquirer: tpg