Close Growth Capital (CGC), a provider of equity and debt funding, has backed the £32 million secondary management buy–out (MBO) of A-Gas International, a global distributor of speciality gases and chemicals to the refrigeration and insulation foam industries.

Close Growth Capital (CGC), a provider of equity and debt funding, has backed the £32 million secondary management buy–out (MBO) of A-Gas International, a global distributor of speciality gases and chemicals to the refrigeration and insulation foam industries.

CGC provided hybrid equity and debt financing for the deal. Senior debt and working capital facilities were provided by Barclays Bank.

The deal provides an exit for 3i, which backed the original MBO in 2001 when the current management team bought out one of the founding shareholders. The management team, who will realise approximately 50 per cent of their investment, continues to be led by executive chairman and founder John Rutley.

Based in Bristol, A-Gas operates in three core territories: the UK, Australia and South Africa and is expanding into new markets in the Americas (the US, Canada, Mexico) and South East Asia (China, Thailand, Singapore).

Accounting firm KPMG advised the vendors, while law firm Osborne Clarke provided legal advice. For the management, Grant Thornton provided due diligence and acted as management advisers.