Ancala Partners and Peel Group launch joint venture

New multi-utility operator will invest in, and benefit from, the growth of independent networks

Ancala Partners and the Peel Group have joined forces to launch a new multi-utility operator, called Leep Utilities.

The new joint venture will provide a platform to invest in, and benefit from, the growth in independent gas, electricity, district heating and water networks.

Under the agreement, Ancala has acquired a 50 per cent share in part of Peel’s existing utilities business, which already owns and operates a range of private and regulated electricity, water and district heating utility assets.

Peel’s current multi-utility platform has more than 2,000 connections to homes and businesses, including MediaCityUK, Liverpool Waters and Liverpool International Business Park.

Leep Utilities will expand its offering to Peel developments, while bringing competition in the market for utility connections to new commercial and domestic schemes.

Ancala Partners’ managing partner, Spence Clunie said this is “another example of how we proactively source platforms that add value for our investors”.

And the Peel Group’s chief executive, Steven Underwood, added: “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 at the Peel Group, and chairman of Peel Utilities, commented: “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.”