Ancala deploys nearly €800m into critical mid-market infrastructure in 2025

New fund investments included Irish telecom tower platform TorLoc Towers, German modular infrastructure specialist MUCH Gruppe and US-based critical chemical pipeline infrastructure company Valentra. Ancala also enabled its portfolio companies to complete strategic bolt-ons including Hausheld Group’s acquisitions of Mako 365 and GreenPocket to become the largest independent smart metering platform in Germany and Avincis’ acquisition of Danish offshore wind servicing firm KN Helicopters.

The infrastructure manager acquired an increased stake in Liverpool John Lennon Airport. This enables Ancala to further support the airport’s continued growth and build on its industry-leading customer experience.

Alongside deploying capital, Ancala’s proactive approach to asset management continues to drive outperformance across its portfolio, with revenues increasing by an average of 9% in 2025 alone. Similarly, Ancala’s portfolio companies grew headcount by an average of 8% in 2025. The infrastructure manager’s portfolio of 23 critical infrastructure companies operates across 18 countries and employs more than 7,250 people.¹

Ancala has now deployed almost €3.7bn into critical mid-market infrastructure assets across Europe and North America since it was established in 2010. Earlier this year, the firm appointed two new Industry Partners, Heike Bergmann and Tore Land. They have joined Ancala’s Investment Committee and continue to provide the firm and its portfolio businesses with their industry and operational expertise.

Spence Clunie, Managing Partner, Ancala, comments:

“2025 has been another year of strong momentum for Ancala, with significant capital deployment and continued growth across our portfolio.

“Our strategy focuses on delivering enhanced risk-adjusted returns from critical mid-market infrastructure assets. The performance we are seeing across the portfolio in a persisting volatile macroenvironment reflects the strength of our bespoke sourcing, proactive asset management and unwavering commitment to downside protection.

“The performance is a credit to the Ancala team, our portfolio company management teams and the trust investors place in our approach to deliver our consistent strategy.”

Ancala has a long track record of enabling critical infrastructure companies to grow and contribute 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 over 90% since the leading infrastructure manager first invested.¹

References

1. Ancala data as of 31 December 2025.