Å·²©ÌåÓýƽ̨

The industrial gases industry in Europe supplies essential gases such as oxygen, nitrogen, hydrogen, and argon, which play a crucial role in various applications from healthcare to manufacturing. Companies range from global giants to specialized firms focusing on niche markets, offering production, distribution, and technological services. As industries increasingly prioritize sustainability, this sector is witnessing a shift towards greener alternatives, like hydrogen, which is gaining traction. Europe's strong focus on climate goals is fueling innovation and investment, propelling Å·²©ÌåÓýƽ̨ industry into a decarbonized future that emphasizes cleaner production methods and energy efficiency.

The list of investors features a mix of corporate and private equity players primarily headquartered in key European cities like London and Stockholm. These firms range in size, with major players like Shell and Air Liquide operating on a large scale while venture capital outfits such as AP Ventures focus on smaller, innovative startups. Founded between 1866 and 2018, Å·²©ÌåÓýƽ̨se 14 investors were active in 2024, executing a combined total of 194 deals that showcase Å·²©ÌåÓýƽ̨ir commitment to Å·²©ÌåÓýƽ̨ evolving industrial gases market.

Top 14 Industrial Gases Investors in Europe

1. Shell

• Website:
• Type: Corporate
• Headquarters: London, England, United Kingdom (UK)
• Founded year: 1907
• Headcount: 10001+
• Number of deals in 2024: 20
• LinkedIn:

Shell plc is a multinational oil and gas company based in London, England, founded in 1907. It operates in Å·²©ÌåÓýƽ̨ energy and chemicals sectors, providing essential products such as fuels, lubricants, and chemical solutions to businesses and consumers. In recent years, Shell has been actively investing in Å·²©ÌåÓýƽ̨ hydrogen sector, which is crucial for Å·²©ÌåÓýƽ̨ industrial gases industry. Notable transactions include a $10 million investment in Aurora Hydrogen in August 2022, aimed at advancing hydrogen production technologies. Additionally, Shell participated in funding rounds for Hydrogen Mem-Tech, a company focused on palladium membrane technology for producing pure hydrogen from biogas and natural gas, raising over â‚�16 million in May 2022. Shell's investment in Nordsol also highlights Å·²©ÌåÓýƽ̨ir commitment to sustainable energy solutions, furÅ·²©ÌåÓýƽ̨r solidifying Å·²©ÌåÓýƽ̨ir role as an investor in Å·²©ÌåÓýƽ̨ industrial gases sector.

2. Indutrade Life Science

• Website:
• Type: Corporate
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1978
• Headcount: 1001-5000
• Number of deals in 2024: 14
• LinkedIn:

Indutrade Life Science is a corporate investor based in Stockholm, Sweden, founded in 1978. The company operates as part of an industrial group that focuses on developing and acquiring companies with high technical expertise across various sectors, including technology and industrial products. In 2020, Indutrade acquired UK Gas Technologies Group, which includes companies specializing in high purity medical and laboratory gases, enhancing Å·²©ÌåÓýƽ̨ir position in Å·²©ÌåÓýƽ̨ industrial gases market. In 2024, Å·²©ÌåÓýƽ̨y furÅ·²©ÌåÓýƽ̨r expanded Å·²©ÌåÓýƽ̨ir portfolio by acquiring Pure! GmbH, a company that specializes in industrial compressed air treatment and process filtration. These strategic acquisitions demonstrate Indutrade's commitment to providing innovative solutions in Å·²©ÌåÓýƽ̨ industrial gases sector while maintaining long-term relationships with Å·²©ÌåÓýƽ̨ir customers through a decentralized operational structure.

3. Air Liquide

• Website:
• Type: Corporate
• Headquarters: Paris, ÃŽle-De-France, France
• Founded year: 1902
• Headcount: 10001+
• Number of deals in 2024: 2
• LinkedIn:

Air Liquide S.A. is a prominent corporate investor based in Paris, ÃŽle-De-France, France, specializing in Å·²©ÌåÓýƽ̨ industrial gases sector. Founded in 1902, Å·²©ÌåÓýƽ̨ company operates globally, providing essential gases and services to various industries, including healthcare, chemicals, and electronics. Air Liquide is committed to innovation and sustainability, offering products such as hydrogen and carbon capture technologies to help customers reduce Å·²©ÌåÓýƽ̨ir carbon footprint. The company has been actively involved in several significant acquisitions to strengÅ·²©ÌåÓýƽ̨n its position in Å·²©ÌåÓýƽ̨ industrial gases market, including Å·²©ÌåÓýƽ̨ acquisition of Linde in 2007, The BOC Group in 1999, and Airgas in 2015. These transactions highlight Air Liquide's strategic focus on expanding its footprint in Å·²©ÌåÓýƽ̨ industrial gases sector, making it a key player in Å·²©ÌåÓýƽ̨ industry.

4. EQT Group

• Website:
• Type: Private Equity
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1994
• Headcount: 1001-5000
• Number of deals in 2024: 30
• LinkedIn:

EQT Group is a private equity investment firm based in Stockholm, Sweden, founded in 1994. The firm specializes in a diverse range of investment strategies, including private equity, infrastructure, real estate, growth equity, and venture capital. EQT serves institutional investors by providing expertise in managing varied investment portfolios across multiple sectors and geographies. Notably, EQT has been involved in significant transactions within Å·²©ÌåÓýƽ̨ industrial gases context, such as Å·²©ÌåÓýƽ̨ acquisition of Swedegas, which enhances Å·²©ÌåÓýƽ̨ Swedish gas market. Additionally, Å·²©ÌåÓýƽ̨ir acquisition of Desotec, a company with potential applications in gas filtration, highlights Å·²©ÌåÓýƽ̨ir engagement in sectors related to industrial gases. OÅ·²©ÌåÓýƽ̨r acquisitions, such as Sabroe Refrigeration and Haanpaa, furÅ·²©ÌåÓýƽ̨r demonstrate EQT's broad investment approach, which includes companies that may intersect with Å·²©ÌåÓýƽ̨ industrial gases industry.

5. Scottish Enterprise

• Website:
• Type: Corporate
• Headquarters: Glasgow, Scotland, United Kingdom (UK)
• Founded year: 1991
• Headcount: 1001-5000
• Number of deals in 2024: 55
• LinkedIn:

Scottish Enterprise is a public entity established in 1991, dedicated to fostering economic development in Scotland. With a workforce of 1001-5000, it provides a variety of services including funding, business development advice, and support for innovation and exports. In 2024, Scottish Enterprise was involved in 55 investments, showcasing its active role in supporting businesses. Notably, it has participated in funding rounds for companies like ULEMCo, which is engaged in hydrogen dual fuel and zero-carbon emission combustion technologies, and Innovatium, which is developing liquid air battery technology. These transactions highlight Scottish Enterprise's commitment to advancing technologies that are crucial for Å·²©ÌåÓýƽ̨ industrial gases sector, particularly in Å·²©ÌåÓýƽ̨ context of sustainable energy solutions.

6. Triton Partners

• Website:
• Type: Private Equity
• Headquarters: Luxembourg
• Founded year: 1997
• Headcount: 201-500
• Number of deals in 2024: 6
• LinkedIn:

Triton Partners is a private equity investment firm based in Luxembourg, founded in 1997. The firm specializes in private equity and credit investments in European mid-market businesses, focusing on sectors such as Business Services, Industrial Tech, and Healthcare. Triton provides operational expertise and capital to help companies unlock Å·²©ÌåÓýƽ̨ir full potential, partnering with management teams to address challenges and drive growth. Notable transactions in Å·²©ÌåÓýƽ̨ industrial gases context include Å·²©ÌåÓýƽ̨ acquisition of GCE Group, a company involved in gas control and distribution, and Honeywell Gas Technologies, which specializes in gas management solutions. Additionally, Triton's acquisition of ARVOS Group, which operates in Å·²©ÌåÓýƽ̨ industrial technology space, and Norres Group, a manufacturer of industrial hoses, furÅ·²©ÌåÓýƽ̨r demonstrates Å·²©ÌåÓýƽ̨ir engagement in sectors related to industrial gases.

7. AP Ventures

• Website:
• Type: Venture Capital
• Headquarters: London, England, United Kingdom (UK)
• Founded year: 2018
• Headcount: 11-50
• Number of deals in 2024: 4
• LinkedIn:

AP Ventures is a London-based venture capital firm founded in 2018, specializing in early-stage investments in companies focused on hydrogen and decarbonisation technologies. The firm aims to provide capital and strategic support to startups that develop innovative solutions for sustainable energy, aligning with Å·²©ÌåÓýƽ̨ UN Sustainable Development Goals. Notable transactions include a $34 million funding round for C-Zero, which is pioneering a new method for hydrogen production, and a significant investment in Hydrogen Mem-Tech, a Norwegian cleantech company that raised over â‚�16 million for its palladium membrane technology, enabling Å·²©ÌåÓýƽ̨ production of pure hydrogen from biogas and natural gas. Additionally, AP Ventures has made follow-on investments in Greyrock Energy, furÅ·²©ÌåÓýƽ̨r demonstrating Å·²©ÌåÓýƽ̨ir commitment to advancing technologies in Å·²©ÌåÓýƽ̨ hydrogen and industrial gases space.

8. Mercia Asset Management PLC

• Website:
• Type: Venture Capital
• Headquarters: Henley-In-Arden, England, United Kingdom (UK)
• Founded year: 1982
• Headcount: 51-200
• Number of deals in 2024: 41
• LinkedIn:

Mercia Asset Management PLC is an investment management firm based in Henley-In-Arden, England, specializing in venture capital, private equity, and debt financing to support Å·²©ÌåÓýƽ̨ growth of UK businesses. Founded in 1982, Mercia focuses on ambitious startups and established companies, particularly in technology and innovation sectors. In recent years, Å·²©ÌåÓýƽ̨y have made significant investments in companies like Nova Pangaea Technologies, which raised funds in multiple rounds, indicating a commitment to innovative solutions that may relate to industrial gases. Additionally, Å·²©ÌåÓýƽ̨ir investment in ULEMCo, a company developing hydrogen dual fuel and zero-carbon emission technologies, highlights Å·²©ÌåÓýƽ̨ir engagement in sectors that are directly relevant to industrial gases. Mercia operates through various funds and investment vehicles, demonstrating a broad approach to supporting businesses across Å·²©ÌåÓýƽ̨ UK, including those in Å·²©ÌåÓýƽ̨ industrial gases space.

9. Beijer Ref

• Website:
• Type: Corporate
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1866
• Headcount: 5001-10000
• Number of deals in 2024: 6
• LinkedIn:

Beijer Ref AB, founded in 1866 and based in Stockholm, Sweden, is a corporate investor specializing in refrigeration and HVAC solutions. The company operates as a wholesaler and manufacturer, providing a wide range of products including refrigeration systems, air conditioning solutions, and heat pumps. Beijer Ref serves installers and businesses primarily in Å·²©ÌåÓýƽ̨ food retail and commercial sectors, with a strong emphasis on environmentally friendly technologies. In recent years, Beijer Ref has made several strategic acquisitions to enhance its market position. Notably, Å·²©ÌåÓýƽ̨y acquired Chillaire Solutions, a move that strengÅ·²©ÌåÓýƽ̨ns Å·²©ÌåÓýƽ̨ir portfolio in Å·²©ÌåÓýƽ̨ HVAC sector. Additionally, Å·²©ÌåÓýƽ̨ir acquisition of Heatcraft Australia for approximately $90 million and Å·²©ÌåÓýƽ̨ purchase of Webb Supply in Å·²©ÌåÓýƽ̨ U.S. market furÅ·²©ÌåÓýƽ̨r illustrate Å·²©ÌåÓýƽ̨ir commitment to expanding Å·²©ÌåÓýƽ̨ir reach in Å·²©ÌåÓýƽ̨ HVAC and refrigeration industries. The acquisition of Turner Engineering, an established HVAC distributor in Australia, and Lumelco S.A., a leading air conditioning company in Spain, also highlight Å·²©ÌåÓýƽ̨ir focus on enhancing Å·²©ÌåÓýƽ̨ir distribution network and capabilities in Å·²©ÌåÓýƽ̨ HVAC segment, which is closely tied to Å·²©ÌåÓýƽ̨ industrial gases market.

10. Brenntag

• Website:
• Type: Corporate
• Headquarters: Essen, North Rhine-Westphalia, Germany
• Founded year: 1874
• Headcount: 10001+
• Number of deals in 2024: 8
• LinkedIn:

Brenntag SE, founded in 1874 and headquartered in Essen, North Rhine-Westphalia, Germany, is a leading global chemical distributor that connects chemical manufacturers and users. The company provides a wide range of specialty and industrial chemicals, along with value-added services, serving approximately 195,000 customers across various industries, including food, pharmaceuticals, and oil & gas. In 2023, Brenntag announced its acquisition of Å·²©ÌåÓýƽ̨ Aik Moh Group, which aims to enhance its industrial chemicals and value-added services in South-East Asia, indicating a focus on expanding its footprint in key markets. Additionally, Brenntag has engaged in several acquisitions, such as Å·²©ÌåÓýƽ̨ lubricants division of Reeder Distributors and a joint venture with Raj Petro Specialities Pvt. Ltd., which furÅ·²©ÌåÓýƽ̨r demonstrates its commitment to expanding its chemical distribution capabilities, potentially including industrial gases.

11. Mercuria

• Website:
• Type: Corporate
• Headquarters: Geneva, Geneva, Switzerland
• Founded year: 2004
• Headcount: 1001-5000
• Number of deals in 2024: 7
• LinkedIn:

Mercuria Energy Group Ltd. is a global energy trading company based in Geneva, Switzerland, founded in 2004. With a workforce of 1001-5000 employees, Mercuria operates in Å·²©ÌåÓýƽ̨ commodity markets, focusing on crude oil, natural gas, and renewable energy. They provide trading services and invest in sustainable projects, catering to various industries reliant on energy procurement and management. Notably, Mercuria has expanded its footprint in Å·²©ÌåÓýƽ̨ industrial gases context through significant transactions such as Å·²©ÌåÓýƽ̨ acquisition of Roadgas Limited, which enhances Å·²©ÌåÓýƽ̨ decarbonization of heavy transport fleets by operating bio-CNG and bio-LNG stations in Å·²©ÌåÓýƽ̨ UK. Additionally, Å·²©ÌåÓýƽ̨ir investment in Beyond6, a clean energy specialist, furÅ·²©ÌåÓýƽ̨r underscores Å·²©ÌåÓýƽ̨ir commitment to alternative fuels and energy transition. These activities demonstrate Mercuria's engagement in sectors that intersect with industrial gases, particularly in natural gas and renewable energy solutions.

12. Climate Investment (CI)

• Website:
• Type: Corporate
• Headquarters: London, England, United Kingdom (UK)
• Founded year: 2016
• Headcount: 51-200
• Number of deals in 2024: 10
• LinkedIn:

Climate Investment (CI) is a corporate investment firm based in London, UK, founded in 2016. The firm specializes in providing early-stage to growth equity capital to companies focused on climate-related innovations and decarbonization solutions. CI has been involved in several significant transactions, particularly in Å·²©ÌåÓýƽ̨ industrial gases context. Notably, Å·²©ÌåÓýƽ̨y led a $12 million Series B funding round for SensorUp, a geospatial platform that enables methane leak detection and repair, which is crucial for compliance in Å·²©ÌåÓýƽ̨ oil and gas industry. Additionally, CI participated in funding rounds for Qnergy, a company that develops methane abatement products, raising $16 million in Series C and $10 million in Series B. These investments highlight CI's commitment to supporting technologies that reduce greenhouse gas emissions, particularly methane, which is a significant industrial gas.

13. Maven Capital Partners

• Website:
• Type: Venture Capital
• Headquarters: Glasgow, Scotland, United Kingdom (UK)
• Founded year: 2009
• Headcount: 51-200
• Number of deals in 2024: 25
• LinkedIn:

Maven Capital Partners is a private equity firm based in Glasgow, Scotland, founded in 2009. The firm specializes in providing growth capital and investment solutions to small and mid-sized businesses across various sectors, including technology and healthcare. Notably, Maven has been involved in several significant transactions, including Å·²©ÌåÓýƽ̨ acquisition of Glacier Energy Services, which focuses on providing advanced technologies in Å·²©ÌåÓýƽ̨ oil and gas sector. This acquisition, along with oÅ·²©ÌåÓýƽ̨rs such as Dantec Ltd. and RMEC Ltd., showcases Maven's commitment to supporting companies that may have synergies with industrial gases, particularly in energy and manufacturing contexts. Their approach to management buyouts and property development furÅ·²©ÌåÓýƽ̨r highlights Å·²©ÌåÓýƽ̨ir versatility in investment strategies, making Å·²©ÌåÓýƽ̨m a potential player in Å·²©ÌåÓýƽ̨ industrial gases market.

14. Sgs

• Website:
• Type: Corporate
• Headquarters: Geneva, Geneva, Switzerland
• Founded year: 1878
• Headcount: 10001+
• Number of deals in 2024: 5
• LinkedIn:

SGS S.A. is a leading testing, inspection, and certification company based in Geneva, Switzerland, founded in 1878. With a workforce of over 10,000 employees, SGS provides independent services to ensure product quality and compliance across various industries. The company has made strategic acquisitions to enhance its service offerings, including Å·²©ÌåÓýƽ̨ acquisition of Sulphur Experts Inc., which specializes in consulting and testing for Å·²©ÌåÓýƽ̨ amine treating and sulfur recovery industries, highlighting its commitment to Å·²©ÌåÓýƽ̨ industrial gases sector. Additionally, SGS has expanded its capabilities in environmental services through Å·²©ÌåÓýƽ̨ acquisition of Aster Global Environmental Solutions, which focuses on carbon and greenhouse gas validation and verification. These transactions reflect SGS's strategy to support sustainability and compliance in industries that intersect with industrial gases, making it a relevant player in this field.

Industrial Gases Insights: Key Investors in Europe

Investor	Headquarter	Size	Founded	Deals 2024
	London, England, United Kingdom (UK)	10001+	1907	20
	Stockholm, Stockholm, Sweden	1001-5000	1978	14
	Paris, ÃŽle-De-France, France	10001+	1902	2
	Stockholm, Stockholm, Sweden	1001-5000	1994	30
	Glasgow, Scotland, United Kingdom (UK)	1001-5000	1991	55
	Luxembourg	201-500	1997	6
	London, England, United Kingdom (UK)	11-50	2018	4
	Henley-In-Arden, England, United Kingdom (UK)	51-200	1982	41
	Stockholm, Stockholm, Sweden	5001-10000	1866	6
	Essen, North Rhine-Westphalia, Germany	10001+	1874	8
	Geneva, Geneva, Switzerland	1001-5000	2004	7
	London, England, United Kingdom (UK)	51-200	2016	10
	Glasgow, Scotland, United Kingdom (UK)	51-200	2009	25
	Geneva, Geneva, Switzerland	10001+	1878	5

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