Mid-market infrastructure investment manager Ancala Partners is buying South Downs Capital, the parent company of Portsmouth Water.
The acquisition of the UK water utility company for an undisclosed sum is expected to complete in March.
Upon completion David Owens, former chief executive officer at Thames Water and a partner at Ancala will join the board of Portsmouth Water as a non-executive director.
The company offers customers the lowest bills in the UK water sector and is a leading performer under Ofwat’s Service Incentive Mechanism. Portsmouth Water said Ancala’s investment will also allow the company to pursue growth opportunities by providing access to additional capital. This includes potential investments to utilise the company’s privileged water resource position for the benefit of both Portsmouth Water customers and neighbouring areas through the provision of bulk supplies.
Mike Kirk, Chairman, Portsmouth Water, commented:
“This is a positive development for Portsmouth Water and its customers, which preserves the company’s independence, whilst providing access to capital to further enhance the business,including the development of significant regional water resources.”
Ancala's AD acquisition via Biogen creates one of UK's largest independent AD platforms
Two weeks ago Biogen, a portfolio company of the infrastructure investor, separately acquired Tamar Energy, one of the largest anaerobic digestion (AD) owners and operators in the UK, for an undisclosed sum.
A number of Tamar Energy’s existing shareholders rolled-over their investment into the combined group. The acquisition has created one of the largest independent AD platforms in the UK.
The combined group operates a network of thirteen AD plants and six composting sites located across England, Scotland and Wales. The AD sites recycle over half a million tonnes of food waste each year and provide green electricity generation of 25MW.
Ancala launched its Mid-Market Infrastructure Platform in 2015 to meet the requirements of long-term investors looking for enhanced returns from core mid-market infrastructure investments. Ancala now has over €950 million in funds under management.
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