Ancala’s proactive asset management increases portfolio companies’ revenues by 12%

The growth of Ancala’s portfolio companies outpaced European economic growth by more than 12 times, underlining the impact of the infrastructure manager’s proactive approach to asset management.

Ancala’s portfolio companies also grew headcount by an average of 5% in 2024, well above the EU employment growth average of 0.9%. The infrastructure manager’s portfolio of 20 critical infrastructure businesses operate across 16 countries and employ over 7,000 people.

Ancala deployed significant follow-on funding in 2024 to drive the organic and acquisitive growth plans of its portfolio companies. This includes providing additional capital for Portsmouth Water to construct the Havant Thicket Reservoir, the UK’s first major reservoir since the 1980s; decarbonised energy-as-a-service provider Noventa to acquire three innovative heat from wastewater assets in Scotland; and Ancala’s Croatian Biomass Portfolio to increase its generation capacity through the acquisition of a new site located east of Zagreb, Croatia.

Ancala has continued to invest in companies with traditional infrastructure characteristics. Recent investments include German smart metering businesses Hausheld and Solandeo, creating the largest independent smart metering offering in the German market, and Phoenix Rail, which owns and operates Lehigh Valley Rail Management’s short line rail and intermodal terminal infrastructure in Pennsylvania.

In 2024, Ancala successfully exited its investment in Dragon LNG, one of the UK’s three liquified natural gas terminals. The exit followed a highly active ownership period in which Ancala enabled the business to deliver terminal upgrades, develop onsite renewable power and enhance its operations.

To expand its ability to apply its proactive asset management approach to even more critical infrastructure businesses, Ancala has increased its headcount by more than 25% since March 2024. The firm added senior hires in its asset management and investment teams through the appointment of Directors Evgeni Jordanov, Frederick Pierru and Sebastian Schwengber. Ancala also bolstered its broader business support functions across investor relations, human resources and operations.

Spence Clunie, Managing Partner, Ancala, commented:

“We remain committed to delivering our consistent and disciplined approach to investing in businesses with fundamental critical infrastructure characteristics, providing downside protection, inflation-linkage and cash yield. Our proven, hands-on asset management model creates long-term value and delivers for the communities and investors we serve.

“The growth of our portfolio companies in 2024 demonstrates the benefit of our proactive approach to creating value within critical infrastructure businesses. We are actively seeking new opportunities where our capital and expertise can make a positive difference.”

Ancala has a long track record of enabling growth and contributing to a more sustainable future. To date, it has provided more than 45% of the initial investment capital in follow-on funding to drive its portfolio firms to grow organically and through acquisition. On average, its portfolio companies have grown revenues by more than 70% since the leading infrastructure manager first invested.¹

Ancala currently has total AUM of €4.3bn and manages 20 investments operating in essential infrastructure sectors including renewable energy and energy transition, transport, utilities and the circular economy.

References

1. Ancala data as of end of 2024.