Retrofit start-up eyes £500bn-plus opportunity after private equity injection

Anna Moore, chief executive and co-founder of Domna, said Leon Capital is a “forward-thinking partner that shares our commitment to raising the bar for UK housing and… realising the £500bn-plus opportunity in UK retrofit”.

A Domna spokesperson declined to disclose the exact size of the stake Leon Capital has taken in the business or the amount of the initial investment.

The “expected investment” from the private equity firm is “up to £70m”, Domna said in a press release. 

Off the back of securing the funds, Domna completed two acquisitions last month. 

The firm agreed deals for The Warmfront Team, an energy efficiency surveying firm, and retrofit consultancy Osmosis ACD. The amount Domna paid for the companies was not disclosed.

West Midlands-based The Warmfront Team currently has around 60 housing associations as clients, including Clarion, Peabody and Notting Hill Genesis, according to its website. 

Much of Osmosis ACD’s work is linked to the government’s £3.8bn Social Housing Decarbonisation Fund and the Local Authority Delivery Scheme.

Ms Moore, who is a former partner at consultancy McKinsey, added: “The synergies with Warmfront and Osmosis are clear and together we are already proving that retrofit is not only the right thing to do, but also good business.”

She founded Hestia in 2023 along with Chenai Gondo, a former British Land executive, and Khalim Conn-Kowlessar, who previously worked for software firm Exii. 

Ms Gondo, who was Hestia’s chief operating officer, left the business last month. 

The spokesperson added: “Chenai moved on to pursue other opportunities as a venture investor and incubator. The Domna team is very grateful for the role she played in starting the business, and wishes her all the best with the new venture.”