Ancala Partners has bought a water and wastewater services provider from Kelda Water Services (KWS) for an undisclosed sum.
The mid-market infrastructure investment manager said it acquired Aquatrine Package A from the subsidiary of Kelda Group.
Aquatrine delivers water and wastewater private finance initiative contracts in Europe for the Ministry of Defence (MOD).
With immediate effect the business will be rebranded as Ancala Water Services (AWS), Ancala said.
David Owens, an industry partner at Ancala and a former chief executive officer at Thames Water, will join the AWS board as chairman, Ancala said.
Under the terms of the agreement, AWS will immediately assume responsibility for all the staff providing strategic, customer and back office support.
Spence Clunie, a managing partner at Ancala Partners, said: “AWS is an important investment for Ancala and we believe our sector expertise, commitment to public service excellence and ability to deploy new capital means we are an ideal partner for the MOD.”