Monday, May 15, 2017
New joint venture will provide platform to invest in and benefit from growth in independent gas, electricity, district heating and water utility networks
Ancala Partners LLP (‘Ancala’), the independent mid-market infrastructure investment manager, and Manchester based, The Peel Group, one of the UK’s leading private real estate investment and infrastructure companies, today announced a joint venture to establish an independent multi-utility operator to be named Leep Utilities (‘Leep’).
Ancala has acquired a 50% share in part of Peel’s existing utilities business, which owns and operates a range of private and regulated ‘last mile’ electricity, water and district heating utility assets. The new entity will provide a platform offering a complete utilities solution to new residential and commercial developments.
Peel’s current multi-utility platform has over 2,000 connections to homes and businesses, including MediaCityUK, intu Trafford Centre, Liverpool Waters and Liverpool International Business Park. The business is licensed by Ofgem and Ofwat to own and operate electricity and water networks within the group’s portfolio. Leep Utilities will build on these foundations by continuing to provide and expand its offering to Peel developments, whilst bringing much-needed competition in the market for utility connections to new UK commercial and domestic schemes.
Spence Clunie, Managing Partner, Ancala Partners LLP, commented:
“Peel has a high quality utilities team in place that has been backed by The Peel Group, one of the foremost real estate enterprises in the U.K. This team will be augmented by the deep utilities and investment experience that exists in Ancala. This is another example of how we proactively source platforms that add value for our investors.”
Steven Underwood, Chief Executive, The Peel Group, said:
“We are delighted to have reached agreement with Ancala Partners on the creation of Leep Utilities. The launch of this exciting new venture is directly aligned with our strategy of securing high-quality partners to invest alongside Peel for long-term growth and to enhance the prospects for our key infrastructure and real estate investments.”
David Glover, Operations Director, The Peel Group, and Chairman of Peel Utilities, added:
“Our utilities team have worked incredibly hard to establish a strong position in the marketplace. This partnership with Ancala now offers exciting opportunities for the future which will build on our achievements to date.”