Infracapital to form partnership with Macquarie Asset Management through sale of 50% stake in Last Mile Infrastructure Group

Infracapital, the infrastructure equity investment arm of M&G Plc, has agreed the sale of a 50% stake in Last Mile Infrastructure Group (Last Mile) to Macquarie Asset Management via Macquarie European Infrastructure Fund 7. Infracapital will retain a 50% stake in the group.

Last Mile is one of the UK’s largest Independent Network Owners. The business designs, installs, owns and operates last mile electricity, gas, water and wastewater networks as well as providing smart meters to new build properties across the UK. It owns and manages approximately 670,000 electricity and gas connections, linking distribution networks to residential and commercial customers. The business is also developing an order book of circa 725,000 electricity, gas, water and waste-water connections. 

The transaction is subject to certain antitrust and regulatory conditions.

Mark Chladek, Head of Brownfield at Infracapital, said: “We are delighted to form this partnership with Macquarie Asset Management. As we continue to develop Last Mile alongside Macquarie we see significant opportunities to further grow the company, including the opportunity we have developed within the energy transition space. Macquarie is a deeply knowledgeable utilities investor, and we look forward to working together to build on the business’s strategy as a leading last mile multi-utility provider across the UK.”

Will Price, Head of Utilities and Networks in EMEA for Macquarie Asset Management, said: “The energy mix of the UK continues to transform, underpinned by a growing population and the demands to decarbonise. Operators such as Last Mile play an essential role connecting homes and businesses to critical infrastructure. We are delighted to partner with Infracapital to support Last Mile as it continues to provide an efficient and competitive solution to its customers.”

Notes to editors:

Under Infracapital’s ownership, Last Mile has increased the number of connections in its portfolio by over 400,000 and expanded its order book by 550,000. Additionally, it has significantly enhanced its nationwide presence and added further capabilities in water, wastewater and sustainable heating, an attractive offering to new home builders as a clean energy solution.

Macquarie Capital, part of Macquarie Group, previously owned Last Mile (formerly Energetics) between 2013 and 2018.

Media enquiries:


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Macquarie Asset Management

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About Infracapital 

Infracapital invests in, builds and manages a diverse range of essential infrastructure to meet the changing needs of society and support long-term economic growth. We take an active role in all of our investments, whether nascent or large, to fulfil their potential and ensure they are adaptable and resilient. Our approach creates value for our investors, as we target investments with the scope for stable and sustainable growth. Our portfolio companies work closely with the communities where they are based, to the benefit of all stakeholders. Infracapital is well positioned to deliver the significant investment required to help build the future. The founder-led team of experienced specialists has worked with more than 60 companies around Europe and has raised and managed over €9 billion of client capital across seven funds. 

Infracapital is part of M&G Plc, an international savings and investments business, managing money for around 5 million retail customers and more than 800 institutional clients in 26 markets. Total assets under management and administration are £332.8 billion (as at 30 June 2023).

About Macquarie Asset Management

Macquarie Asset Management is a global asset manager, integrated across public and private markets. Trusted by institutions, governments, foundations and individuals to manage approximately £470 billion in assets, we provide a diverse range of investment solutions including real assets, real estate, credit and equities & multi-asset.

Macquarie Asset Management is part of Macquarie Group, a diversified financial group providing clients with asset management, finance, banking, advisory, and risk and capital solutions across debt, equity and commodities. Founded in 1969, Macquarie Group employs approximately 21,000+ in 34 markets and is listed on the Australian Securities Exchange.

Macquarie Asset Management is a leading investor in UK utilities and presently manages investments in the UK’s largest gas distribution network, Cadent, the UK’s national gas transmission network, National Gas, and water and wastewater service provider, Southern Water. Macquarie Group has been investing in the UK for more than 30 years and has arranged and invested more than £50 billion in UK infrastructure since 2005.

All figures as at 30 September 2023. For more information, please visit

About Last Mile Infrastructure Group

The Last Mile Infrastructure Group is one of the UK’s largest Independent Network Owners, owning and operating more than 670,000 connections servicing residential and commercial customers. It invests in essential infrastructure connecting new buildings across Great Britain generating long-life assets which are installed to the highest industry level. Last Mile has a proven track record and expertise in the financing, ownership, operation, maintenance, sale, design, build and adoption of last-mile utility infrastructure including electricity, water, wastewater, gas, heating and cooling.

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