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Fredericks Michael & Co. Advises Gases Research Innovation & Technology, S.L.U. (ES) on its Acquisition of a majority stake in Summit Refrigerants, LLC (US)

Fredericks Michael & Co. acted as the exclusive financial advisor to Gases Research Innovation & Technology, S.L.U., a Barcelona-based company controlled by investment firm Moira Capital Partners S.A., specialized in the distribution, storage, and development of liquefied gases and their mixtures for industrial applications, on the acquisition of a majority stake in Summit Refrigerants, LLC, a Texas-based EPA-certified refrigerant reclaimer in the US.

The developing federal and state regulations in the US regarding refrigerants will have a considerable impact on the refrigerant replacement market. These regulations will require Summit Refrigerants to make significant investments in new equipment and enhanced HSE protocols to service the next generation of refrigerants and provide additional services.

Equipped with technical capabilities and experience in HFC refrigerant phase-out in Europe, GRIT proceeded to search for a strategic partner in the US refrigerant replacement sector. The transaction with Summit Refrigerants will allow GRIT to grow exponentially and consolidate its position in the US market.

The partnership will leverage Summit Refrigerants’ customer and vendor relationships, high-quality services, and market knowledge, together with GRIT’s innovative and more environmentally friendly product solutions to create a leading company offering more sustainable gas solutions in the US. Related enhancements to Summit Refrigerants’ facilities in Houston will begin immediately.

José Luís Müller, CEO of GRIT, said “The strong business and personal relationships developed between the two companies and their principals predict a promising future for the collaboration in the US refrigerants market.”

Steve Trevino, CEO of Summit Refrigerants, said, “We are very fortunate to have developed a relationship with GRIT. This collaboration will strengthen Summit Refrigerants and position us well for the future. We soon will be able to provide additional needed services to our customers, allowing them to navigate the constantly developing environmental regulations that affect our industry.”

FM&Co. advised GRIT on a multi-step engagement process which included contacting potential targets, coordinating due diligence process, transaction structuring, and assistance in the negotiations through closing of the transaction.

About GRIT: 

GRIT was founded in 2001 by Ramón Terrado, the current President of the company, and is the Iberian leader in the sector of liquefied and low-boiling point gases. GRIT engages in segments such as aerosols, refrigerants, blowing agents, and other high value-added specialty gases. The company blends drop-in alternatives for CFCs, HCFCs, and HFCs and sells refrigerants with lower global warming potential to existing equipment and original equipment manufacturers. GRIT is headquartered in Barcelona, Spain and majority owned by Moira Capital Partners. For more information, visit

About Moira Capital Partners:  

Moira Capital Partners is a Madrid-based investment firm specialized in direct high-yield investments in private companies. It focuses on investing in Spanish and Portuguese companies in need of a strategic partner to undertake high growth projects in the medium and long-term. For more information, visit

About Summit Refrigerants:  

Summit Refrigerants was founded in 2008 by Jeff Carver and Steve Trevino, managers of the company who will continue in their current roles. Summit Refrigerants is an US EPA-Certified refrigerant reclaimer, dedicated to providing quality products, in-house refrigerant services, and on-site field services. The company operates three facilities in Humble, TX (headquarters); Baton Rouge, TX; and Dallas, TX. For more information, visit

About Fredericks Michael & Co.
Established since 1984, Fredericks Michael provides distinctive financial advisory solutions to large corporations, private and family-controlled businesses, and financial sponsors seeking to execute cross-border mergers, acquisitions, divestitures and strategic alliances in Europe, the Americas and Asia.
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