• Last Mile Infrastructure (LMI), one of the UK’s largest Independent Network Owners and a leading last-mile multi-utility business, designs, installs, owns and operates electricity, gas, water and wastewater networks as well as providing smart meters to new build properties
  • Under Infracapital’s ownership, Last Mile has increased its portfolio by over 400,000 connections and expanded its order book by 550,000 electricity, gas, water and waste-water connections. Additionally, it has enhanced its nationwide presence and added further capabilities in water, wastewater and sustainable heating
  • Macquarie Capital, a global financial services company and part of Macquarie Group, previously owned Last Mile (formerly Energetics) between 2013 and 2018


  • Having previously advised Infracapital on the acquisition in 2018 and debt refinancing in 2021, DC Advisory was mandated as sole financial advisor to provide sell-side M&A advisory services for the disposal of a 50% stake in LMI
  • DC Advisory ran a focused and competitive process managing interest received from a range of buyers and delivering a highly successful outcome for Infracapital


  • On December 16, 2023, Infracapital agreed the sale of a 50% stake in LMI to Macquarie Asset Management (MAM) via Macquarie European Infrastructure Fund 7
  • The closing of the transaction is subject to certain antitrust and regulatory conditions
  • This sale demonstrates DC Advisory’s ongoing expertise in the utilities infrastructure and strengthens the firm’s track-record in the UK infrastructure M&A advisory