Mark Pflug~~Clare Gaskell~~James Campisi~~Sean Macdonald~~Étienne Renaudeau~~Henry Llewellyn~~Shahpur Kabraji~~Sarah Lindley~~Meredith Jones~~Phoebe Adams
January 24, 2026
KKR Sells Majority Stake in A-Gas

1 min
AI-made summary
- Simpson Thacher is advising KKR on the sale of a majority stake in A-Gas to TPG Rise Climate, with KKR retaining a significant minority interest and continuing collaboration with TPG Rise Climate and A-Gas leadership
- The transaction is subject to customary closing conditions and is expected to close by the end of 2023
- A-Gas specializes in the supply and lifecycle management of refrigerant gases and has experienced revenue and EBITDA growth since KKR’s 2017 acquisition.
Simpson Thacher is representing KKR in connection with its disposal of a majority stake in A-Gas to TPG Rise Climate. KKR will remain a significant minority shareholder in the business, continuing to work in collaboration with TPG Rise Climate and the A-Gas Leadership Team. The transaction is subject to customary closing conditions and is expected to complete by the end of 2023.~~A-Gas is the global leader in the supply and lifecycle management of refrigerant gases, with a long history of being at the forefront of refrigerant gas recovery and reclamation. Since KKR’s acquisition, which was made through KKR European Fund IV in 2017, A-Gas has grown revenue by 14% and EBITDA by 18% on average annually.~~The Simpson Thacher team includes Mark Pflug, Clare Gaskell, James Campisi, Sean Macdonald and Sam Moon (Corporate); Étienne Renaudeau, Henry Llewellyn, Susanna Breslin and Michael Tagliavini (Antitrust); Shahpur Kabraji and Kwasi Mills-Bampoe (Credit); and Sarah Lindley, William Smolinski, Meredith Jones and Phoebe Adams (Tax).
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Mark Pflug~~Clare Gaskell~~James Campisi~~Sean Macdonald~~Étienne Renaudeau~~Henry Llewellyn~~Shahpur Kabraji~~Sarah Lindley~~Meredith Jones~~Phoebe Adams
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