Independent infrastructure investment advisory firm Arjun Infrastructure Partners has completed the acquisition of the 75% equity stake currently owned and controlled by KKR’s infrastructure funds and other accounts in South Staffordshire Plc.
Following the announcement of the transaction on 12 April 2018, EU Merger clearance was received on 19 June 2018 - no financial terms are being disclosed.
AIP is advising a number of European and Asian investors on the transaction, and has also agreed to sell a 19.9% stake to Mitsubishi UFJ Lease & Finance Company Ltd. MitsubishiCorporation will retain its 25% stake in the company.
South Staffordshire Plc is the parent company of South Staffordshire Water which supplies water to around 1.6 million customers in the South Staffordshire and Cambridge regions in the UK. It also owns a significant non-regulated business, which includes SSI Services and Echo Managed Services, which provides contractual specialist services to the UK water and other infrastructure sectors.
Surinder Toor, Founding Partner of Arjun Infrastructure Partners, said:
“We are very pleased to have completed this investment on behalf of our investors, who are all natural long-term owners of infrastructure businesses. We are also excited to have developed our relationship with our Japanese co-investors, with whom we anticipate working closely over the coming years. South Staffordshire plc has a high calibre management team, led by the Group CEO, Adrian Page, and our priority will be to support Adrian and his team in delivering for their customers and the local community.”
Adrian Page, Group Chief Executive of South Staffordshire Plc, added:
“We are delighted to have successfully worked with the team at KKR over the past five years. We welcome Arjun as a long term investor based in the UK and are looking forward to working with them and maintaining our position as a leading company in the UK water sector.”
With a focus on European assets, Arjun Infrastructure Partners was formed in 2015 and offers a long term partnership approach to institutional investors willing to make direct investments in the infrastructure space.
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