A-Gas, a Bristol, UK-based large provider of specialist industrial gases and chemicals, secured a £70m investment from mid-market private equity firm LDC.
As a result of the transaction, which was supported by debt funding provided by HSBC, The Royal Bank of Scotland and the Acquisition Finance division of Lloyds TSB Corporate Markets, Growth Capital Partners will exit the business.
The company intends to use the proceeds from the investment to execute a rapid expansion strategy in the UK and internationally (mainly in Asia Pacific and the Americas), and acquire complementary businesses.
In conjunction with the transaction, Ian Podmore and Darryl Eales, Investment director and CEO of LDC respectively, will join A-Gas’ board.
Founded in 1993 A-Gas is a global blender, re-packager and distributor of specialist gases and chemicals to the refrigeration and insulation foam industries. It also provides associated environmental services, mainly the recovery and recycling of used gases.
The company, which employs over 120 people, has a presence in the UK, Australia, South Africa, Asia Pacific and North America.