The investment firm Incus Capital has chosen Aguas de Valencia to enter the business of the integral water cycle. The manager has reached an agreement with the Calabuig family, owner of the Global Omnium group, which includes the company that has been supplying water in the Valencian capital for more than a century, to acquire 10% of the company in a valued operation at 100 million euros.
The entry of the new financial partner comes after the president of Aguas de Valencia and Global Omnium, Eugenio Calabuig and the investment firm have maintained a close relationship in recent years.
Incus financed Calabuig itself in 2014 when it reached an agreement to acquire CaixaBank’s stake in the water company. An operation with which years of struggle for shareholding control in the Valencian company were closed, which throughout its history has had partners such as Santander, Banco de Valencia or Suez.
Now, the arrival of Incus seeks above all to obtain the support of a partner that allows financing the internationalization and digitization plans of Aguas de Valencia, which brings together the majority of Global Omnium’s water infrastructure and concessions business.
The Calabuig group also has other divisions such as Idrica, specialized in technological solutions for the sector, or the company that manages the Oceanogràfic of Valencia and the Aquarium of Seville. Precisely in many of the large international contracts at stake in the Aguas de Valencia sector, it had to compete with the large international giants and investment funds, with which this incorporation will provide financial muscle.
Incus Capital is a Madrid-based investment management and advisory firm that currently has assets valued at more than 1.6 billion euros under management. Since its creation in 2012, it has formalized more than 80 transactions.
According to Álvaro Rivera, partner of Incus and responsible for the operation, “the alliance, which is the culmination of many years supporting the company, will allow Aguas de Valencia to face the new stage of growth and expansion. We look forward to working closely with the management of the company to achieve the ambitious goals set, “he adds.
Aguas de Valencia and its subsidiaries operate 220 concessions and manage the water network in more than 350 municipalities, with a network of pipes of more than 20,000 kilometers for the supply and treatment of water throughout Spain, especially in the regions of the Mediterranean coast . A conglomerate with an annual turnover that exceeded 340 million euros in 2019 and among which is included the mixed company that is responsible for the supply of Valencia.
In addition, according to the Valencian company, it currently has more than 7 million customers and has the largest park of smart meters in Europe, with more than 500,000 units deployed.
The operation has had the legal advice of Linklaters and CMS Albiñana & Suárezcde Lezo, whose participation has been essential for the success of this transaction.