Hastings Funds Management successfully acquired Phoenix Natural Gas Ltd as part of its 100% buyout of Carmel Capital II S.à.r.l. from Terra Firma. Phoenix Natural Gas is a subsidiary of Carmel Capital. No financial terms were disclosed.

Phoenix Natural Gas operates the largest natural gas distribution service in Northern Ireland. The energy services company also owns and operates one of Northern Ireland's largest consumer gas provider, Greater Belfast.

According to Terra Firma's chairman Guy Hands, "The success of this investment highlights the expertise of Terra Firma in transforming asset-backed businesses in essential industries. Since we bought the company in 2005, 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."

Hands said that Phoenix has a great potential for growth under the management of Hastings Funds.

Phoenix Natural Gas provides service to over 8,000 homes and businesses in many areas in Northern Ireland annually.