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Anglian Water (‘AWG’) is the supplier of water and water recycling services to over six million domestic and business customers in the east of England and Hartlepool.
3i Infrastructure acquired its stake in AWG in 2007. Since then, AWG has invested over £4 billion to replace ageing infrastructure, improve resilience and address the imbalance between supply and demand in one of the UK’s driest regions. Through its innovative Love Every Drop strategy, AWG has reduced service interruptions, pollution incidents and leakage to record low levels.
In December 2017, 3i Infrastructure sold its stake in AWG to a consortium of Dalmore Capital and GLIL Infrastructure (the infrastructure investment joint venture between five local Government pension funds), generating gross proceeds of approx. £395 million.
Elenia is the owner and operator of the second largest electricity distribution business in Finland and a complementary district heating business. The company’s electricity distribution network is c 69,000 km in length and serves c 420,000 residential, industrial and business customers, with a market share of approximately 12%. Elenia Heat owns and operates 16 local district heating networks across Finland with a total network length of almost 500 km serving c 85,000 end-users.
3i Infrastructure acquired its interest in Elenia in January 2012 as part of a consortium with GS Infrastructure Partners and Ilmarinen Mutual Pension Insurance Company.
In December 2017, 3i Infrastructure sold its stake in Elenia to a consortium comprising Allianz, Macquarie Infrastructure and Real Assets and Valtion Eläkerahasto, the State Pension Fund of Finland, generating gross proceeds of approximately £725 million.
• rebranded the business and strengthened the management team
• invested over €600m to improve reliability of electricity supply for customers
• increased underground cabling rate from 23% at the beginning of 2012 to 40% in 2017
• reduced customer outages by over 10 hours per year
• refinanced the business increasing flexibility to fund future capex requirements
• invested in leading digital network management and ‘smart’ customer usage and outage monitoring
“I would like to thank 3i, GS Infrastructure Partners and Ilmarinen for their support over the last six years. Their investment, guidance, expertise and commitment have enabled us to grow and improve both operationally, for the benefit of our customers, and financially.” Tapani Liuhala, Chief Executive, Elenia
Transport & logistics
Eversholt Rail Group (‘Eversholt’) is one of the three leading rolling stock leasing companies in the UK. 3i Infrastructure acquired its 33% interest in Eversholt in December 2010 as part of a consortium with Morgan Stanley Infrastructure Partners and STAR Capital Partners, who each also held 33% stakes. The consortium acquired 100% of Eversholt’s share capital from HSBC, where the business had been run as a leasing sub-division of the bank and was formerly known as HSBC Rail.
Over a period of four years, 3i Infrastructure and our consortium partners worked closely with the management team to establish Eversholt as a successful independent company, supporting the business in its re-franchising programme and in assessing a range of capital investment opportunities in its existing fleet and new build trains. The shareholders helped to optimise the company’s capital structure, through the issuance of long-term bonds, institutional private placements and bank finance.
In January 2015, 3i Infrastructure sold its stake in Eversholt to CK Investments S.A R.L., generating net proceeds of £365 million.
• worked closely with the management team to establish Eversholt as a successful independent company
• supported the business in its re-franchising programme
• assessed a range of capital investment opportunities, both to add further trains to the overall fleet and to invest in upgrading existing assets to provide a better passenger experience and improved reliability, at good value for money for customers
• optimised the company’s capital structure through the issuance of three long-dated public bonds and a private placement
• established asset management business to manage trains from other rolling stock providers, including Thameslink
• strengthened the company’s governance through several appointments to the board, including a new chairman, a highly experienced non-executive director, a CFO and COO
“Eversholt Rail has performed strongly, both operationally and financially, under the consortium’s ownership providing, managing and maintaining key UK rail assets.” Mary Kenny, Chief Executive, Eversholt Rail