Investment firm REL Capital has bought ImpraGas, which lays claim to being the fastest growing boiler installer company in the UK, for an undisclosed sum.
The Peterborough-based installer employs 70 people at its head office and has a turnover of £10 million.
Impragas was founded in 2012 by Joseph Valente. Mr Valente won the TV show The Apprentice in 2015, with the prize to have Lord Alan Sugar as his investment partner. Mr Valente bough back his shares from Lord Sugar after two years working together.
Mr Valente has expanded Impragas nationally, focusing on energy efficiency and low carbon heating, as he told H&V News readers in November 2019.
ImpraGas is the sixth company acquisition in the last 12 months for REL Capital, which is owned by entrepreneur Andy Scott, who was named in The Sunday Times Maserati Top UK 100 Entrepreneurs in 2019. REL says it aims to grow ImpraGas and move offices to its seven acre estate in Orton Southgate, Peterborough, where it operates a £20 million turnover transport business as part of an eight-company £50 million turnover portfolio. The installing business will be run by CEO Adam Lewis.
Mr Scott said: “We are really pleased to add ImpraGas to our portfolio. It’s especially exciting for me to buy in Peterborough as our transport head office and management team are based there. We were very impressed with the work Joseph Valente has done in building the business into a £10 million turnover company and wish him all the success in the world with his new ventures…I’m very much looking forward to taking ImpraGas to the next level, competing with British Gas.”
Mr Valente said: “I have every confidence that ImpraGas and its great team of people…will continue to grow, prosper and reach new heights. I will follow its progress with much affection, for ImpraGas will always hold a special place in my heart. I realised I needed a new challenge and have now set my sights on the international stage forming a new personal development venture ‘Entrepreneur Empires’ as well as ‘Trade-Mastermind’, advising tradespeople how to scale their business, which both launch this month.”
