Ancala backs Leep Utilities’ green ambitions - with announcement of £551m Growth Fund
It’s been announced that Leep Utilities will receive further investment from infrastructure investment specialist Ancala Partners.
The UK leading last-mile utility network operator was formed as a joint venture between Ancala and The Peel Group in 2017. Last year, it reported its most successful year yet - enjoying a 10% uplift in new contract wins, a 26% increase in contracted connections and a 26% increase in turnover compared to its previous 12-months. Ancala’s £551m Growth Fund will support the expansion plans of its existing portfolio businesses which includes Leep Utilities, as well as Portsmouth Water and the leading anaerobic digestion plant operator Biogen. All three companies are resolving some of the UK’s most pressing challenges, including accelerating the energy transition and ensuring the UK has a clean, secure and resilient water supply.
Leep Utilities provides integrated solutions for water, heat, cooling and electricity for commercial and residential sites across the UK, including MediaCityUK and London’s Battersea Power Station and Wood Wharf. The new Growth Fund will also assist Leep Utilities to deliver on a significant order book and roll out new sites across the UK, along with further investing into its decarbonised heat initiatives.
Ancala first invested in Leep Utilities in 2017. The leading infrastructure investor has since helped the business to secure new sites, acquire SSE Water and create more than 100 new jobs. It’s also now contracted over 100,000 multi-utility connections to homes and major businesses and is growing across electric water and heat projects in the UK.
Ancala has also helped Leep to more than double its revenues over the last five years to more than £35m. The utilities firm has substantial additional revenue within its order book to be generated over the coming years.
Louise Manfredi, CEO, Leep Utilities, said: “Ancala’s Growth Fund provides us with added firepower to pursue our expansion plans and explore more sustainable energy solutions.
“The Ancala team has been a major supporter of Leep’s move into decarbonising heat and continues to take a highly proactive role in helping us to identify strategic partnerships and opportunities that help our plans. I’m looking forward to the benefits this will bring to new and existing customers, and towards improving the availability of green energy across the country.”
Spence Clunie, Managing Partner, Ancala Partners, said: “Water supply and diversity of effective renewable energy sources are two of the most critical issues facing the UK. Our Growth Fund represents our continued commitment to supporting the expansion plans of our portfolio businesses and the solutions they provide, including contributing towards the energy transition.
“We’re thrilled that our diverse base of institutional investors share the same enthusiasm and conviction to help these businesses to create long-term value and make a marked improvement to the communities and environments which they serve. We are grateful for their support.”