Gas company completes third acquisition in a year
innergy Group, the Yorkshire-based gas and equipment business, has acquired Knottingley based Express Gas in a six-figure deal.
The most recent deal for the Leeds-based firm follows the acquisitions of Castle Energy in Castleford and HB Dobson of Harrogate. innergy Group has a turnover of £3.3m and started trading in 2007, employing 27 people the firm has depots in Harrogate, Dewsbury, Castleford, Knottingley. It has its sights on becoming a national brand through the acquisitions.
Established in 1997 by managing director, Chris Gallagher, Express Gas has grown to become one of West Yorkshire’s leading suppliers of Calor and industrial gases.
Gez Walsh, managing director of innergy said: “We continue to actively look for suitable acquisitions within the bottled gas and welding supplies industries. Many people are looking to take advantage of the current favourable taxation environment and we would love to discuss with company owners how we can put together an attractive package to help them realise full value for their hard built businesses whilst protecting their employees and maintaining the high quality service their customers have come to rely upon.”
The acquisition is the sixth for innergy, three of which have been in the last twelve months, and is part of their Mission 2021: to achieve £10m in turnover by 2021.
innergy were advised by Gary Caplan from GC Business Lawyers. Funding was supported by Yorkshire Bank Commercial Finance.
Chris Gallagher, managing director of Express Gas said: “It was important to me to be able to entrust Express Gas, its employees and its customers to a company that shares our customer focus and understands the importance of being a considerate employer. innergy have the expertise, ambitions and resources to further grow the business, whilst maintaining a significant degree of integrity in dealing with all stakeholders in the business. innergy made this transaction as easy as possible and put together a package which met all my requirements.”
Gallagher will remain with the business in an advisory capacity and all members of staff will transfer to innergy on improved terms.