The EQT Infrastructure III fund (EQT Infrastructure) has entered into exclusive negotiations to acquire French water and wastewater management company SAUR Group.
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The company will acquire Holding d’Infrastructures des Métiers de l’Environnement (HIME), the parent company of SAUR Group from its current shareholders including BNP Paribas and Groupe BPCE. BNP Paribas is planning to invest in SAUR as minority shareholder alongside EQT Infrastructure.
Founded in 1933, SAUR is a claimed to be a major company in outsourced French water supply and treatment market. The company serves about 7,000 French local authorities under long term contracts and focuses on small and mid-sized municipalities.
Besides France, SAUR is also present across international markets including Saudi Arabia, Scotland, Spain, and Poland. The company has 9,000 employees and provides services to around 13 million consumers in France and international markets. Last year the group’s revenues were around €1.29bn.
After the acquisition, EQT Infrastructure intends to bring SAUR some unique opportunities to develop further and return to sustained growth in its geographical markets.
EQT Partners’ partner and EQT Infrastructure investment advisor Matthias Fackler said: “EQT has followed SAUR for many years, it is a well-positioned company in an attractive market with significant development potential.
“We aim to unlock this by working together with SAUR’s dedicated management and employees leveraging on the company’s proven agility, operational network and proximity to customers. EQT’s industrial network will provide complementary experiences in water infrastructure management, digitalization and sustainable development.”
This transaction will be EQT Infrastructure’s first investment in France and it will be contingent on regulatory approvals and is subject to the required Works Councils consultations. Financial details related to the transaction have not been disclosed and it is expected to be closed by the end of this year.
Rothschild is acting as exclusive financial advisor and Clifford Chance as legal advisor to EQT Infrastructure in the transaction.