LDC-backed A-Gas makes fourth acquisition

The bolt-on follows A-Gas' recent takeovers of Australian companies Technochem and SA Rural, as well as UK business A-Zone Technologies.

The add-on is part of the business's international buy-and-build strategy, drawn up at the time of its acquisition in 2011. LDC bought the Bristol-based speciality gas company in a £70m tertiary buyout from Growth Capital Partners.

The deal was initiated by A-Gas's management, which met the RemTec team at a trade fair. The company will become part of the A-Gas group but will continue to be run as the original entity with its original management team, which LDC plans to expand.

LDC funded the all-equity deal to ensure a swift progress of the transaction, the GP told unquote". The deal value was "significant" and RemTec will add around 20% to the group's turnover and profits.

Debt
No debt has been arranged yet but will be considered during the next stage.

Company
RemTec is an American company that has been recycling halo gases since 1986. Based in Ohio, it specialises in recovering and reclaiming Halons and their replacement agents used in the fire protection industry. It also recovers and reclaims CFCs, HCFCs and HFCs used in refrigerant and HVAC applications. The company has less than 50 staff.

People
Ian Podmore is an investment director at LDC, while Yann Souillard is managing director of the GP's Southern region team.

Advisers
Equity - KPMG (Financial due diligence); Thompson Hine (Legal due diligence); SLR (Environmental due diligence).

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