Bristol-based A-Gas, one of the largest independent refrigerant gases, environmental services, speciality gases and chemicals providers, has completed the acquisition of an Australian based refrigerant re-packer, Technochem. for an undisclosed sum.
Terms of the deal were undisclosed.
The deal was transacted with support from leading private equity provider LDC, who invested in A-Gas in April 2011, and forms part of the group’s acquisitive growth strategy being executed both in the UK and internationally.
Technochem is based just outside Melbourne and is an established independent specialist blender, re-packer and distributor of refrigerant gases and services to the refrigeration industry.
“The acquisition of Technochem represents an important strategic development for A-Gas, as it will further strengthen our existing operations in Australia”
John Rutley, Executive Chairman of A-Gas
The acquisition supplements the market leading A-Gas Australia business and provides a number of strategic opportunities to grow value in the business, the company explains. It will also enhance and further develop businesses relationships with existing customers in this market.
John Rutley, Executive Chairman of A-Gas commented, “The acquisition of Technochem represents an important strategic development for A-Gas, as it will further strengthen our existing operations in Australia. This is an increasingly important international territory for our business and the deal brings many strategic and operational benefits.”
“This is our first acquisition completed since LDC invested in A-Gas in 2011 and represents the start of what we anticipate will be a strong pipeline of buy and build opportunities going forward.”
Ian Podmore, Investment Director at LDC, added, “The successful completion of this acquisition by A-Gas demonstrates our willingness to support portfolio businesses that not only have global ambitions but have significant operations in overseas markets.”
“When we invested in A-Gas in April last year, one of our main objectives was to support the management team in accelerating the businesses acquisitive growth strategy. Technochem is a high-quality business, occupying a strong position in the Australian market and this deal enhances the solid foothold that A-Gas already has within this key international region.”
As a result of the acquisition A-Gas now employs 148 people and is a leader in its principal territories of the UK, Australia and South Africa. A-Gas also has a growing presence in Asia Pacific and North America, providing a global platform with growth potential in all markets.