Our companies:
A-Gas International



  • Independent global blender, re-packer and distributor of specialist gasses to the refrigeration and insulation foam industries
  • Focused on environmentally acceptable replacement products for chlorofluorocarbon (CFC / HCFC) gases and liquids
  • Global reach with substantial operations in UK, Australia, South Africa, Asia and the US


Key facts

Sector: Industrial
Location: Bristol (operations in Australia, South Africa, Asia and US)
Status: Realised
Website: www.agas.com

Why we invested:


  • Investment rationale based on a strong management team who built a global business that dominates its chosen markets with high barriers to entry
  • Operates in a highly regulated speciality gasses market, which is underpinned by legislation and regulation. Environmental initiatives at a government policy level are driving demand for A-Gas’s core products and services
  • The deal dynamics were ideal with an opportunity for the next tier of management to participate in the equity of a fast growing business, whilst maintaining the strategic expertise and entrepreneurial flair of the founder, John Rutley


The deal

Size at investment: £32m
Date of investment: Feb 2007
Deal type: Secondary MBO
GCP board member: Garrett Curran

How we made a difference:


  • Provided management with a flexible funding structure to enable them to take the business onto the next stage of development
  • Supported the strategic positioning of the business through developing new international markets and continuing to anticipate the worldwide regulatory changes that drive demand
  • GCP led the exit process and was actively involved in the strategic direction of the business. A-Gas was sold to LDC in a tertiary buyout


A-Gas turnover

“Several factors influenced our decision to work with GCP: the rapid completion time; a great relationship; their deep understanding of our business, the deal structure and their empathy with us.”

John Rutley, Executive Chairman, A-Gas

Exit result

Size: £70m
Date of exit: Apr 2011
IRR: 24%
Money Multiple: 2.3x