£300m gas takeover

GAS and chemicals firm A-Gas has been sold to global investment firm KKR.

Lloyds Banking Group’s private equity arm LDC has offloaded the firm after investing around £60m.

The value of the deal was not disclosed, but it is believed to be around £300m. A-Gas, which supplies gases for fridges, air conditioning, water treatment and fire protection, has a site in Bristol.

LDC said revenues at the firm grew 79pc between 2011 and 2016, and profits grew 103pc. The firm is due to get a 24pc return on its original investment.

Andrew Ambrose, chief executive of A-Gas, said: ‘Securing the backing of a firm like KKR enables us to continue our expansion.’