TPG Rise Climate buys majority stake in A-Gas

UK: US investment company TPG Rise Climate has acquired a majority stake in refrigerant management company A-Gas from current majority shareholders KKR and its other owners.

KKR says it will remain “a significant minority shareholder” in the business, continuing to work in collaboration with TPG Rise Climate and the A-Gas leadership team. 

A leading global investment firm, KKR acquired its majority stake in 2017 from UK private equity investor LDC. Under KKR’s ownership, A-Gas has grown revenue by 14% and EBITDA by 18% on average annually.

TPG Rise Climate is the dedicated climate investing strategy of TPG’s $18bn global impact investing platform TPG Rise. TPG Rise Climate says it pursues climate-related investments that benefit from the diverse skills of its investing professionals, the strategic relationships developed across its existing portfolio of climate-focused companies, and a global network of executives and advisors.

Established in 1993, A-Gas is at the forefront of capturing refrigerant gas for future re-use or safe destruction. Its market leadership has been extended 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 significantly expand its global presence during KKR’s investment period, entering new markets across Europe, such as Germany, the Netherlands, and Italy, 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. 

The transaction is expected to be completed by the end of this year.