A-Gas has completed the acquisition of European refrigerant business Arthur Friedrichs Kältemittel (AFK), following receipt of all regulatory approvals.
gasworld previously reported at the beginning of May that the specialty chemical and gases management expert had acquired AFK.
AFK, headquartered in Hamburg, employs approximately 30 people across two operating sites, and has revenues of circa €40m. A-Gas has strategic growth plans in place for AFK, including the investment of a new refrigerant reclamation facility, along with new employment opportunities, to support the growing demands of the European market.
A-Gas Chief Executive Andrew Ambrose said, “This is a fantastic addition to the A-Gas portfolio as we continue to expand across mainland Europe. AFK is an industry leader in the automotive Original Equipment Manufacturing (OEM) sector and this will enable A-Gas to further strengthen its global presence in the latest generation refrigerant and reclamation marketplace.”
AFK Managing Director Jens Beneken added, “This is a significant milestone for both AFK and A-Gas and we are excited to bring our industry expertise to A-Gas’ impressive global offering. Our ambitions and culture fit well with A-Gas and the success story of AFK can be continued into the future. With A-Gas we have found a strong international partner who fulfils all the prerequisites for the realisation of the future opportunities and potential of AFK and their highly qualified workforce.”
This is A-Gas’ third acquisition of a refrigerants business since the mid-2017 investment in the company by private equity firm, KKR. A-Gas acquired the Netherlands-based reclamation business, BTC, in 2017. The company also acquired USA-based refrigerant reclamation specialist Diversified Pure Chem in 2017 as part of A-Gas’ wider global growth plan.