Majority interest in UK water utility acquired by Capstone

Sponsored by

TORONTO, ON, Canada, Oct. 5, 2011 -- Capstone Infrastructure Corporation has acquired a 70% interest in Bristol Water, a regulated water utility in the United Kingdom. Capstone acquired the interest from SUEZ ENVIRONNEMENT through its subsidiary, AGBAR (Sociedad General de Aguas de Barcelona), for approximately CAD$215 million. The purchase price was funded through a combination of existing credit facilities, cash on hand and a new CAD$150-million senior debt facility. (All amounts are in Canadian dollars unless otherwise noted.)

"Bristol Water is an established, core infrastructure business with regulated and predictable inflation-linked cash flow and a strong growth profile in a stable OECD country, making it an ideal complement to our existing portfolio," said Michael Bernstein, President and Chief Executive Officer of the Corporation. "This is a platform investment that builds on our international footprint, diversifies our portfolio by infrastructure category, and is expected to contribute to the long-term sustainability of our dividends to shareholders. We are equally delighted to partner with AGBAR, which brings more than 140 years of experience in the water sector globally and shares our commitment to quality service, outstanding performance and efficient, environmentally responsible operations."

SUEZ ENVIRONNEMENT, through its subsidiary AGBAR, will continue to hold a 30% interest in Bristol Water. AGBAR, which is headquartered in Spain with operations in nine countries, is approximately 75% owned by SUEZ ENVIRONNEMENT, which is a world leader in water and waste management services. AGBAR will continue to provide strategic counsel on trends and operational innovations within the global water services industry under an operational and management agreement.

Josep Bagué, Chief Financial Officer and General Secretary of AGBAR, stated, "We are delighted to have secured, in Capstone, a long-term partner for Bristol Water. Bristol Water has a track record of excellent operational performance and is poised for rapid expansion in the years ahead. The Capstone team brings significant infrastructure investment and management expertise, including in the water utility sector, and a strong commitment to building lasting stakeholder relationships. Capstone is an ideal fit for Bristol Water and we look forward to a long and successful partnership."

###

Sponsored by

Did You Like this Article? Get All the Water Industry News Delivered to Your Inbox or Mailbox

Subscribe to one of our magazines or email newsletters today at no cost and receive the latest information.

TODAY'S HEADLINES

Metropolitan Water Reclamation District unveils Thornton Composite Reservoir

The Metropolitan Water Reclamation District of Greater Chicago recently unveiled its latest engineering feat, the Thornton Composite Reservoir -- dubbed the "Grand Canyon of the South Suburbs." 

EPA launches fourth annual green infrastructure Campus RainWorks Challenge

The Environmental Protection Agency announced that it has launched its fourth annual Campus RainWorks Challenge for undergraduate and graduate students to design green infrastructure systems in an effort to reduce stormwater pollution and increase resiliency to climate change.

CH2M to develop 'master plan' for Bangalore Water Supply and Sewerage Board

The Bangalore Water Supply and Sewerage Board of Southern India has selected CH2M to develop a visionary strategic master plan that will help the Indian city of Bengaluru meet its water and wastewater infrastructure needs through 2050.

USGS Civil Engineer Robert R. Holmes to receive 2015 ASCE Award

Dr. Robert R. Holmes, a U.S. Geological Survey hydrologist, is set to receive the 2015 Government Civil Engineer of the Year Award for his outstanding accomplishments in water-related areas.

FOLLOW US ON SOCIAL MEDIA

  

 


© 2015. PennWell Corporation. All Rights Reserved. PRIVACY POLICY | TERMS AND CONDITIONS