Burges Salmon Advises Bristol Gas Distributor on £70m Deal
20 April 2011
Burges Salmon LLP has assisted in the completion of a £70m transaction on behalf of international specialist gas and chemical company A-Gas - the third deal on which the two firms have collaborated during a ten year working relationship.
This latest deal sees private equity firm LDC make a significant investment in A-Gas which was established in 1993 as a global blender, re-packager and distributor of specialist gases and chemicals to the refrigeration and insulation foam industries. The company, which has its headquarters in Bristol - UK, also provides associated environmental services, mainly the recovery and recycling of used gases and has a strong market position in each of its business units.
Burges Salmon first advised when 3i invested in A-Gas in 2001 and subsequently in 2007, when 3i were replaced by Growth Capital Partners who, as a result of this deal, will exit the business. The LDC investment represents a significant stake in the business, with debt funding provided by HSBC, RBS and the Acquisition Finance division of Lloyds TSB Corporate Markets.
The Burges Salmon team, led by corporate partner Chris Godfrey and corporate associate Ed Barratt, advised the existing shareholders of A-Gas on the terms of their disposal to the new vehicle, principally funded by LDC and on the terms of their ongoing investment in the group's new holding company. Legal advice to LDC was provided by Osborne Clarke in Bristol led by partner Al Livingstone and associate Alison Meaken.
Corporate finance advice to the vendors was provided by the Bristol office of KPMG led by partner Andrew Hodgson and Richard Barrell.
Commenting, Burges Salmon partner Chris Godfrey said: “This is a great deal for A-Gas and it is especially satisfying to have worked with the principal group of shareholders now on three major transactions over ten years.”
Burges Salmon works on a broad range of complex transactions for public and private companies, financial institutions, partnerships, industrial and provident societies and private individuals. In addition to mergers and acquisitions (public and private), the firm advises clients on private equity, equity capital markets, corporate reorganisations, joint ventures and the formation of investment funds.