Australia's Hastings buys Phoenix Energy from Terra Firma

According to a release, the London-based firm sold all of Carmel Capital II - including the Phoenix subsidiary - to Hastings' Utilities Trust of Australia and the Royal Bank of Scotland Pension Fund, for which Hastings runs an unlisted infrastructure mandate.

Set up in 1996, Phoenix is the largest gas distribution business in Northern Ireland, being the owner and operator of the license for the distribution network in Greater Belfast and Larne. Terra Firma bought the business in 2005 when it acquired its parent company East Surrey Holdings for GBP450 million ($687 million).

"Since we bought the company, Phoenix has doubled in size and has increased gas availability to 300,000 properties, of which some 165,000 have already connected to the network," said Guy Hands, Terra Firma's chairman and CEO. "Phoenix is well positioned for future growth, and we are confident that under Hastings' ownership it will continue to thrive."

Set up in 1994, Hastings had A$7.2 billion ($15.3 billion) in funds under management as of June 30 this year. The firm has previously raised two corporate private equity funds but now focuses exclusively on infrastructure equity and debt investments.

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• Topics
• Europe
• Australasia
• Infrastructure
• Infrastructure
• Europe
• Australia
• United Kingdom
• Infrastructure
• Hastings Funds Management
• Terra Firma