About A-Gas
A-Gas is a Bristol-headquartered international supplier of refrigerants, blowing agents, and industrial gases for refrigeration, insulation, and fire protection. The company offers halon recovery and banking services, customized chemical blends, and reclamation processes compliant with environmental regulations. It serves HVAC manufacturers, foam producers, and medical gas users through depots in Europe, North America, and Asia.
Founded
1993
HQ
Website
Status
Acquired
Customer focus
B2B
Revenue model
Product sales
Valuation
$1.3B (acquired Aug 2023)
Sectors
A-Gas Acquisition
A-Gas was acquired by TPG for $1.3B on 17 August 2023.
Before the acquisition A-Gas had raised $31M across 1 funding round.
A-Gas, the global leader in refrigerant gas supply and lifecycle management, including recovery, reclamation, and destruction via patented PyroPlas technology, abated 8 million metric tonnes of CO2e in 2022 by preventing venting of high-GWP gases. UK-based A-Gas expanded under KKR ownership since 2017, achieving 14% average annual revenue growth and 18% net income growth through European market entries in Germany, Netherlands, and Italy. Minority investor LDC exited after 12 years. TPG Rise Climate, the dedicated climate investing strategy of TPG’s $18 billion global impact platform TPG Rise, acquired a majority stake in A-Gas from KKR for just over £1 billion ($1.27 billion) in August 2023, with the deal closing December 14, 2023, after regulatory approvals. KKR retained a significant minority stake to collaborate with TPG Rise Climate and A-Gas leadership on global expansion and sustainability initiatives. The investment supports circular economy development amid rising refrigerant demand, regulatory scrutiny, and enforcement. Strategic rationale centers on scaling A-Gas’s lifecycle management to lower emissions, with CEO Jack Govers highlighting acceleration into new markets and capabilities, and TPG’s Joerg Metzner emphasizing refrigerant lifecycle closure to counter gases thousands of times more potent than CO2.
| Acquirer | Date | Type | Price |
|---|---|---|---|
| 17 Aug 2023 | PE buyout | $1.3B |
A-Gas Funding History
A-Gas has raised a total of $31M across 1 funding round.
A-Gas funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Dec 2017 | Undisclosed stage | LDC | $31M | A-Gas is the global leader in the supply and lifecycle management of specialty gases and chemicals, including refrigerants and fire protection gases. The company operates from 16 sites across Europe, Australia, South Africa, and North America, providing distribution, recovery, reclamation, and repurposing services to prevent harmful gas release into the atmosphere. LDC invested in A-Gas beginning in 2011, providing £29 million initially followed by £30 million in acquisition capital to support six strategic purchases. Between 2011 and 2016, A-Gas grew revenues by 79 percent and EBITDA by 103 percent, with 2015 financial accounts reporting turnover of £93.6 million and pre-tax profit of £1.5 million. In summer 2017, KKR acquired A-Gas through KKR European Fund IV, providing an exit for LDC that generated a 3.3x money multiple and 24 percent IRR on the original 2011 investment. Under KKR's ownership from 2017 onward, A-Gas continued expansion, completing three acquisitions in the USA, Netherlands, and Germany, and achieving average annual revenue growth of 14 percent and EBITDA growth of 18 percent through August 2023. |
Who has invested in A-Gas?
1 investor has backed A-Gas across its funding rounds, including LDC.
A-Gas Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
This data is available for Pro users. Sign up to see all 1 A-Gas investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialAcquisitions by A-Gas
A-Gas has acquired 5 companies to date.
Last acquisition by A-Gas was on March 31st 2025. A-Gas acquired Refrigerant Services for undisclosed valuation.
Latest Acquisitions by A-Gas
| Description | Refrigerant Services Inc. is a Dartmouth, Nova Scotia-based specialist in refrigerant management. Launched in 1993 with Canada's inaugural reclamation facility, the company handles collection, reclamation, and disposal of surplus refrigerants alongside a substantial stock of recovery cylinders. Certified by Transport Canada, it performs visual inspections and hydrostatic testing on cylinders reaching capacities of 1000 pounds. | - | Arthur Friedrichs Kältemittel is a Bielefeld-based supplier of refrigerants and coolants serving the automotive air conditioning industry across Europe. The company distributes gases such as R134a, R1234yf, and HFO-1234yf along with lubricants, leak detection fluids, and flushing agents to repair shops, wholesalers, and vehicle manufacturers. It also offers refrigerant recovery and recycling services from its German warehouse facilities. | Diversified Pure Chem is a refrigerant management company based in Manassas, Virginia. It provides reclamation services for CFC, HCFC, and HFC refrigerants under EPA certification, alongside carbon offset project development for sustainability credits. The firm processes refrigerants from HVAC systems and appliances for reuse in industrial applications. Established in 1994, it operates mobile recovery units across the U.S. and partners with manufacturers like Honeywell. | |
| HQ Country | |||||
| HQ City | Halifax | - | Hanover | Dallas, TX | |
| Deal Date | 31 Mar 2025 | 12 May 2022 | 31 May 2018 | 12 Sep 2017 | |
| Valuation | undisclosed | undisclosed | undisclosed | undisclosed | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
This data is available for Pro users. Sign up to see all A-Gas acquisitions and their M&A valuation multiples. Start Free Trial | |||||
A-Gas Competitors
A-Gas competitors include listed companies like FMC, Frasle Mobility, Elementis and Suzhou Kingswood, and private ones like Lafarge India and National Petrochemical Industrial Company.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $3.5B | ($1.5B) | $1.3B | 1.4x | ||
| Publicly listed | $1.1B | $173M | $1.3B | 1.4x | ||
| Publicly listed | $598M | $138M | $1.3B | 2.4x | ||
| Publicly listed | $113M | $29M | $1.3B | 11.3x | ||
| Private | - | - | $1.2B | - | ||
| Private | - | - | $1.4B | - |
A-Gas Public Comps
A-Gas is no longer listed, but its public comps include FMC, Frasle Mobility, Elementis, Suzhou Kingswood, Unipar, Redox, Palfinger, Shanghai C&D Innostic, São Martinho and Boubyan Petrochemical.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $3.5B | ($1.5B) | 1.5x | 1.4x | (3.5x) | 7.2x | |||
| $1.1B | $173M | 1.5x | 1.4x | 9.0x | 7.8x | |||
| $598M | $138M | 2.5x | 2.4x | 10.6x | 9.4x | |||
| $113M | $29M | 11.1x | 11.3x | 42.9x | 39.6x | |||
| $1000M | $222M | 1.7x | 1.7x | 7.7x | 7.6x | |||
| $946M | $100M | 1.3x | 1.3x | 12.5x | 12.7x | |||
| $2.7B | $304M | 0.7x | 0.7x | 6.6x | 6.5x | |||
| $2.9B | $100M | 0.5x | 0.5x | 15.7x | - | |||
This data is available for Pro users. Sign up to see all A-Gas competitors and their valuation data. Start Free Trial | ||||||||
Common questions about A-Gas
| When was A-Gas founded? | A-Gas was founded in 1993. |
| Where is A-Gas headquartered? | A-Gas is headquartered in United Kingdom. |
| Is A-Gas publicly listed? | No, A-Gas was acquired by TPG in August 2023. |
| Who acquired A-Gas? | A-Gas was acquired by TPG in August 2023. |
| How much was A-Gas acquired for? | A-Gas was acquired for $1.3B in August 2023. |
| How much funding has A-Gas raised? | A-Gas has raised $31M across 1 funding round. |
| What was A-Gas' last funding round? | A-Gas' last funding round was a $31M undisclosed-stage round in December 2017. |
| Who are A-Gas' investors? | A-Gas' investors include LDC. |
| Which companies are comparable to A-Gas? | Companies comparable to A-Gas include FMC, Frasle Mobility, Elementis, Suzhou Kingswood, Lafarge India and National Petrochemical Industrial Company. |
| How many companies has A-Gas acquired? | A-Gas has acquired 5 companies, including Refrigerant Services, Halon.US, Arthur Friedrichs Kältemittel, Diversified Pure Chem and Rapid Recovery. |
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