Exceptional

8 June 2005 By Robert Cyran Follow @rob_cyran

A bunch of institutions outbid private equity for the UK water company. They immediately turned around and floated it. In less than two years, they have more than doubled their investment.

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Northumbrian Water has reported annual results for the second time since the group went public in March 2003.

In March 2003, a group of institutional investors bought the UK group from French utility Suez. The group lead by Collins Stewart, Deutsche Bank and Ecofin – financed the deal partly by agreeing to float the company immediately. The group then raised £389m in an institutional placing. It paid the raised cash and issued 25% of shares to Suez. The group also raised £500m of debt backed by Northumbrian and assumed borrowings of £1.2bn.

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