RC Law Advised GRIT in the Acquisition of a Majority Interest in Summit Refrigerants
RC Law acted as U.S. buyer’s counsel in connection with the acquisition by Gases Research Innovation & Technology (GRIT), a Barcelona based company, of a majority interest in Summit Refrigerants LLC, a Texas based refrigerants gas company. GRIT was supported by Moira Capital Partners, one of its principal investors. PwC in Barcelona and Madrid acted as Spanish tax and corporate counsel and as US tax counsel. Sellers were represented by Norton Rose Fulbright, out of its Houston office. The transaction was completed on March 7, 2021.
Spanish company GRIT (Gases Research Innovation & Technology), specialized in refrigerant gases and with headquarters in Barcelona, has acquired an interest in the American company Summit Refrigerants strengthening its position in the refrigerant gas industry of the USA.
This international collaboration is looking forward to creating a new player with a highly technical orientation in the refrigerant industry in the USA. This joint venture will allow the entrance of GRIT’s technical expertise into the American market. The collaboration between the companies will enhance Summit’s current processes. Immediate plans include significant enhancements to Summit’s current facilities in Houston, allowing it to provide additional services as the US continues its move towards more environmentally sustainable policies. With this collaboration, GRIT will grow exponentially in the USA, allowing it to better serve its current customers there. The joint business plan is designed to more than double Summit’s 2020 volume in the short term.
GRIT started its activity in the USA in 2016, raising its awareness about the US market potential. In 2018, with the financial support of Moira Capital Partners, GRIT gained the momentum to proceed with a geographical expansion. The search for the right partner began in earnest with the support of Fredericks Michael & Co. This search resulted in the joint venture with Summit Refrigerants, a company with ample experience and a strong track record of success in the US refrigerant market. With headquarters in Houston, and locations in Dallas and Baton Rouge, Summit Refrigerants stands out for its quality products and service. The two companies’ respective strengths will play well together.
“The strong business and personal relationships developed between the two companies and their principals predicts a promising future for the collaboration in the US refrigerants market”, asserts Mr. Jose Luis Müller, CEO of GRIT.
“Sharing the same vision and principles has been essential for reaching a common objective” explains Mr. Javier Gutierrez, Business Development Manager of GRIT, who will be in charge of initiating the US business plan.
About GRIT (www.gasesgrit.com)
GRIT was founded in 2001 by Ramon Terrado, current President of GRIT, and specializes in the distribution, storage and development of liquefied gases and their mixtures for industrial applications.
GRIT is focused on developing products and services compliant with the increasingly stringent environmental regulations.
About Summit Refrigerants (www.summitrfgs.com)
Summit Refrigerants was founded in 2008 by Steve Trevino and Jeff Carver, managers of the company who will continue in their current roles. Summit is an US EPA-Certified refrigerant reclaimer, dedicated to providing quality products, in-house refrigerant services, and on-site field services. The company prides itself on providing unmatched customer service.
About Moira Capital Partners (www.moiracapitalpartners.com)
Moira Capital is the first Capital Equity specialized in direct investments in innovation Spanish companies, looking forward to getting a high return for private and institutional investors.
During last 3 years. Moira Capital has invested more than 120 million € for the support of high potential projects within 8 Spanish companies.
For more information on this transaction, please see: https://gasesgrit.com/en/grit-acquires-interest-in-american-company-summit-refrigerants-and-strengthens-its-position-in-the-usa
