A-GAS acquired by TPG
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 LOGIN in 2023, is valued in this transaction at an EV/EBITDA multiple of LOGIN.
Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.
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.
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Historical Financials (GBP)
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REFERENCES
Valuation range: EV 1b - 4b GBP
EBITDA range: 50M - 100M GBP
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Authors: verified mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).
Acquirer: tpg