Ancala and Peel Group launch independent multi-utility operator

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 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.”        

Notes to Editors

About Ancala Partners
Ancala Partners is an independent infrastructure investment manager founded in 2010.

Ancala launched its UK Mid-Market Infrastructure Platform in February 2016 to meet the requirements of long-term investors looking for enhanced returns from core mid-market infrastructure investments in the UK. Ancala now has over £800 million in funds under management (as at end-April 2017).

Ancala’s highly-experienced team has a proven track record in originating, executing and managing mid-market infrastructure investments. 

The investment team combines experienced infrastructure investors with operational leaders who have a proven track record of de-risking businesses and improving cashflow through pro-active asset management, thereby protecting and enhancing returns.  Ancala’s senior partners are market and industry veterans with over 200 years’ experience.

A strong network at senior levels with corporate and market participants enables Ancala to pro-actively source investment opportunities and generate a strong pipeline of bespoke investment opportunities in the UK and Europe. 

Ancala is based at 40 Gracechurch Street, London EC3V 0BT. 

For more information, please visit

About The Peel Group
Investing for tomorrow: The Peel Group is one of the UK’s foremost privately-owned investment enterprises. Our strategy embraces a broad range of sectors – land and property; transport and logistics; retail and leisure; energy and utilities, with assets owned or under management of more than £5 billion. Group investment policy is focused on actively managing our diverse portfolio, enhancing the quality of our assets and recycling capital over the long-term.  

For more information, please visit


Ancala Partners LLP
Spence Clunie / David Owens / Tim Power
Tel: +44 (0) 203 440 3520
Email: moc.alacna@einulc.ecneps /

The Peel Group
Jo Whittaker, Communications Manager
07894 815568