KKR (NYSE:KKR) said Thursday it agreed to sell a majority stake in U.K.-based supplier of refrigerant gases A-Gas to TPG Rise Climate, the dedicated climate investing strategy of P-E firm TPG, for an undisclosed sum.
As part of the deal, TPG Rise Climate will form a strategic partnership with fellow P-E firm KKR (KKR), which will retain a “significant” minority stake.
Reuters reported the deal values A-Gas at just over £1B (~$1.27B).
“Our investment in A-Gas is a thematic play on the increasing importance of establishing circular economies in critical industries,” said Joerg Metzner, Business Unit Partner at TPG Rise Climate. “A-Gas will play a leading role towards a more sustainable and circular refrigerant gas value chain globally as demand for refrigerants continues to grow and regulatory scrutiny and enforcement increase.”
A-Gas’ proprietary gas separation and recovery technology helped to abate ~8M metric tons of carbon dioxide in 2022, the equivalent to removing more than 1.6M cars from the roads for a year, the companies said.