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South Staffordshire Plc Annual Report 2017

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Part of Sunday Times Grant Thornton Top Track 250

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ABOUT SOUTH STAFFORDSHIRE PLC

South Staffordshire Plc is a highly respected integrated services group of businesses. The Group includes a regulated water supply company, South Staffs Water, comprising two operational regions, South Staffs and Cambridge, and also two non-regulated service divisions, SSI Services and Echo. The Group also has a joint venture operating in the new non-household retail water market and a smaller business (Office Watercoolers) providing water cooler units and spring water to commercial customers.

The South Staffordshire Waterworks Company, was formed in 1853 to provide "an abundant supply of pure water" to the inhabitants of the towns of the Black Country. The Company became a public limited company in 1991 and was listed on the London Stock Exchange as South Staffordshire Water PLC. In 1992 South Staffordshire Water Holdings was created to develop and grow non-regulated service businesses.

In April 2004, in recognition of the success and growth of those non-regulated service businesses, South Staffordshire Group Plc de-merged South Staffordshire Plc, which included South Staffs Water, Echo (including Rapid Systems), as a separate listed company on the London Stock Exchange.

In November 2004 the South Staffordshire Plc Group was acquired by Arcapita Bank, a Bahrain based investment company, and the Group was delisted from the Stock Exchange.

In October 2007 South Staffordshire Plc was acquired by Alinda Capital Partners, a European and American investor in and manager of infrastructure assets, and was part of its $7bn infrastructure fund.

In order to broaden its range of specialist infrastructure services, the Group has made a number of acquisitions since its demerger in 2004, including the specialist contracting businesses of OnSite, Integrated Water Services, Hydrosave, Omega Red, Data Contracts Specialist Maintenance (now part of OnSite), G. Stow, and Advanced Engineering Solutions and has also formed the SSI Services division as the parent of the Group’s specialist contracting businesses. The Echo division has also acquired Inter-Credit International and the Grosvenor Services Group to broaden its specialist debt collection service offering and its client base.

In October 2011 the Group acquired Cambridge Water Plc, a water only company which covers a population of approximately 0.3 million. The Cambridge Water business is now integrated into, and operated as a supply region of, the regulated company South Staffordshire Water PLC.

In July 2013 South Staffordshire Plc was acquired by the Global Infrastructure Fund of investment firm Kohlberg Kravis Roberts & Co L.P. ("KKR"), together with certain of their infrastructure co-investors.

In March 2016, Mitsubishi Corporation acquired a 25% equity interest in the Group from KKR’s Global Infrastructure Fund.

In July 2018, investors advised by Arjun Infrastructure Partners Limited acquired a 55.1% stake in the Group from KKR with the remaining 19.9% of KKR's investment being acquired by Mitsubishi UFJ Lease and Finance Company Limited whose investment is managed on its behalf by Mitsubishi Corporation.

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South Staffs Water page G Stow page IWS page Cambridge Water page Hydrosave page AES OnSite page Aqua Direct page Grosvenor page Omega Red page Office Watercoolers page Echo page Inter-Credit International page