It 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 company’s revenues are generated through inflation-linked contracts.
Ancala first invested in Leep Utilities in 2017. We searched for companies in the last-mile utility sector in the UK which we knew from previous experience benefitted from a particularly attractive regulatory framework. We identified the large UK infrastructure and real estate investor, Peel Group, which held these connections in-house for their own real estate developments.
Ancala pro-actively approached Peel with a plan to carve out the business and grow it by also targeting third party developers and with a team to execute the plan. The joint venture required Ancala to create a new company, Leep Utilities, to own and manage the existing connections and roll out its pipeline of opportunities.
Since the investment our team has helped the business to secure new sites, acquire SSE Water and create more than 100 new jobs. When Ancala first invested, the business had 2,000 connections. Today, it has over 130,000 multi-utility contracted connections to homes and major businesses, and is growing across electricity, water and heat projects in the UK.
Working closely with the team, we have helped Leep Utilities to grow its total revenues to more than £50m. We have also further strengthened the management team and helped to build out new functions within the business.
Ancala is now supporting Leep Utilities to deliver on its significant order book and roll out new sites across the UK, along with further investing into its decarbonised heat initiatives.