Ancala backs Salford’s Leep Utilities in green energy ambitions
Infrastructure investment specialist Ancala has invested additional capital into Leep Utilities, a Salford headquartered “last-mile” utility network operator it set up in 2017 with Peel Holdings.
The name is Peel spelled backwards, obviously.
The company provides integrated solutions for water, heat, cooling and electricity for commercial and residential sites across the UK, including MediaCityUK in Manchester, Battersea Power Station and Wood Wharf in London.
The investment forms part of a wider £551m investment in different utilities businesses from Ancala’s new Growth Fund, which will assist Leep Utilities to expand to new sites across the UK, along with further investing into its decarbonised heat initiatives.
Louise Manfredi, CEO, Leep Utilities, added: “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.”
Ancala Partners has also closed a £551m Growth Fund to support the expansion plans of its existing portfolio businesses, which include Leep Utilities.
A new fund (Ancala Essential Growth Infrastructure Fund) was oversubscribed and contains commitments from a diverse range of institutional investors from Europe, North America and Asia.
Ancala first invested in Leep in 2017 and helped it to contract over 100,000 multi-utility connections to homes and major businesses and is growing across electric, water and heat projects in the UK.
Leep doubled revenues over the last five years to more than £35m and boasts a growing headcount of over 120, made up of engineers and support staff working across multiple functions.
The company recently moved into new larger office premises in Salford. It also has a southern base in Reading, Berkshire.
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.”
