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 the 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, these 14 investors were active in 2024, executing a combined total of 194 deals that showcase their commitment to the evolving industrial gases market.


Top 14 Industrial Gases Investors in Europe


1. Shell

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

Shell plc is a multinational oil and gas company based in London, England, founded in 1907. It operates in the 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 the hydrogen sector, which is crucial for the 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 €16 million in May 2022. Shell's investment in Nordsol also highlights their commitment to sustainable energy solutions, further solidifying their role as an investor in the industrial gases sector.


2. Indutrade Life Science

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

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 their position in the industrial gases market. In 2024, they further expanded their 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 the industrial gases sector while maintaining long-term relationships with their customers through a decentralized operational structure.


3. Air Liquide

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

Air Liquide S.A. is a prominent corporate investor based in Paris, Île-De-France, France, specializing in the industrial gases sector. Founded in 1902, the 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 their carbon footprint. The company has been actively involved in several significant acquisitions to strengthen its position in the industrial gases market, including the 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 the industrial gases sector, making it a key player in the industry.


4. EQT Group

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

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 the industrial gases context, such as the acquisition of Swedegas, which enhances the Swedish gas market. Additionally, their acquisition of Desotec, a company with potential applications in gas filtration, highlights their engagement in sectors related to industrial gases. Other acquisitions, such as Sabroe Refrigeration and Haanpaa, further demonstrate EQT's broad investment approach, which includes companies that may intersect with the industrial gases industry.


5. Scottish Enterprise


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 the industrial gases sector, particularly in the context of sustainable energy solutions.


6. Triton Partners


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 their full potential, partnering with management teams to address challenges and drive growth. Notable transactions in the industrial gases context include the 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 the industrial technology space, and Norres Group, a manufacturer of industrial hoses, further demonstrates their engagement in sectors related to industrial gases.


7. AP Ventures

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

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 the 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 €16 million for its palladium membrane technology, enabling the production of pure hydrogen from biogas and natural gas. Additionally, AP Ventures has made follow-on investments in Greyrock Energy, further demonstrating their commitment to advancing technologies in the hydrogen and industrial gases space.


8. Mercia Asset Management PLC

  • Website: mercia.co.uk
  • 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

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 the growth of UK businesses. Founded in 1982, Mercia focuses on ambitious startups and established companies, particularly in technology and innovation sectors. In recent years, they 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, their investment in ULEMCo, a company developing hydrogen dual fuel and zero-carbon emission technologies, highlights their 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 the UK, including those in the industrial gases space.


9. Beijer Ref

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

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 the 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, they acquired Chillaire Solutions, a move that strengthens their portfolio in the HVAC sector. Additionally, their acquisition of Heatcraft Australia for approximately $90 million and the purchase of Webb Supply in the U.S. market further illustrate their commitment to expanding their reach in the 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 their focus on enhancing their distribution network and capabilities in the HVAC segment, which is closely tied to the industrial gases market.


10. Brenntag

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

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 the 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 the lubricants division of Reeder Distributors and a joint venture with Raj Petro Specialities Pvt. Ltd., which further demonstrates its commitment to expanding its chemical distribution capabilities, potentially including industrial gases.


11. Mercuria


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 the 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 the industrial gases context through significant transactions such as the acquisition of Roadgas Limited, which enhances the decarbonization of heavy transport fleets by operating bio-CNG and bio-LNG stations in the UK. Additionally, their investment in Beyond6, a clean energy specialist, further underscores their 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)


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 the industrial gases context. Notably, they 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 the 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: mavencp.com
  • Type: Venture Capital
  • Headquarters: Glasgow, Scotland, United Kingdom (UK)
  • Founded year: 2009
  • Headcount: 51-200
  • Number of deals in 2024: 25
  • LinkedIn: maven-cp

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 the acquisition of Glacier Energy Services, which focuses on providing advanced technologies in the oil and gas sector. This acquisition, along with others 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 further highlights their versatility in investment strategies, making them a potential player in the industrial gases market.


14. Sgs

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

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 the acquisition of Sulphur Experts Inc., which specializes in consulting and testing for the amine treating and sulfur recovery industries, highlighting its commitment to the industrial gases sector. Additionally, SGS has expanded its capabilities in environmental services through the 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


InvestorHeadquarterSizeFoundedDeals 2024
ShellLondon, England, United Kingdom (UK)10001+190720
Indutrade Life ScienceStockholm, Stockholm, Sweden1001-5000197814
Air LiquideParis, Île-De-France, France10001+19022
EQT GroupStockholm, Stockholm, Sweden1001-5000199430
Scottish EnterpriseGlasgow, Scotland, United Kingdom (UK)1001-5000199155
Triton PartnersLuxembourg201-50019976
AP VenturesLondon, England, United Kingdom (UK)11-5020184
Mercia Asset Management PLCHenley-In-Arden, England, United Kingdom (UK)51-200198241
Beijer RefStockholm, Stockholm, Sweden5001-1000018666
BrenntagEssen, North Rhine-Westphalia, Germany10001+18748
MercuriaGeneva, Geneva, Switzerland1001-500020047
Climate Investment (CI)London, England, United Kingdom (UK)51-200201610
Maven Capital PartnersGlasgow, Scotland, United Kingdom (UK)51-200200925
SgsGeneva, Geneva, Switzerland10001+18785


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