A READING-based infrastructure firm has received a share of more than £0.5bn in additional capital from an investment specialist that will see it increase its reach.
Leep Utilities, based in Green Park, saw a 10% increase in new contracts last year, as well as a 26% rise in contracted connections and a 25% increase in turnover over the previous 12 months.
Now, the last-mile utility network operator will receive further investment from infrastructure investment specialist Ancala Partners.
Ancala’s £551m Growth Fund will support the expansion plans of its existing portfolio businesses which includes Leep Utilities, as well as Portsmouth Water and anaerobic digestion plant operator Biogen.
Leep Utilities provides integrated solutions for water, heat, cooling and electricity for commercial and residential sites across the UK, including MediaCityUK and London’s Battersea Power Station and Wood Wharf.
The new Growth Fund will help it deliver its significant order book and roll out new sites across the UK, along with further investing into its decarbonised heat initiatives.
Ancala first invested in Leep Utilities in 2017, helping it secure new sites, acquire SSE Water and create more than 100 new jobs.
The business has now contracted more than 100,000 multi-utility connections to homes and major businesses and is growing across electric water and heat projects in the UK.
Ancala has also helped Leep Utilities to more than double its revenues over the last five years to more than £35m.
Louise Manfredi, CEO, Leep Utilities, said: “Ancala’s Growth Fund provides us with added firepower to pursue our expansion plans and explore more sustainable energy solutions.
“The Ancala team has been a major supporter of Leep’s move into decarbonising heat and continues to take a highly proactive role in helping us to identify strategic partnerships and opportunities that help our plans. I’m looking forward to the benefits this will bring to new and existing customers, and towards improving the availability of green energy across the country.”
Spence Clunie, managing partner, Ancala Partners, said: “Water supply and diversity of effective renewable energy sources are two of the most critical issues facing the UK. Our Growth Fund represents our continued commitment to supporting the expansion plans of our portfolio businesses and the solutions they provide, including contributing towards the energy transition.
“We’re thrilled that our diverse base of institutional investors share the same enthusiasm and conviction to help these businesses to create long-term value and make a marked improvement to the communities and environments which they serve. We are grateful for their support.”
For further information visit: https://www.leeputilities.co.uk
