Bridgepoint has bought Luxembourg-based Miya, a Portugal-based water distributor, from previous owner Arison Group.
Unquote understands that the company's enterprise value is €400m.
Miya was a subsidiary of Israeli-based Arison Investments, which manages a diversified portfolio of international investments valued at more than $2.5bn, according to its website.
The transaction is the first investment made by Bridgepoint Europe VI, closed on €5.7bn in 2017. The vehicle typically invests €125-500m in companies with enterprise values of €200m-1bn.
Bridgepoint invested in Iberia extensively in the 1990s and 2000s, according to Unquote Data, and more recently backed Portugal-based Ascenza (previously known as Sapec Agro) in 2016.
Founded in 2008, Miya is a private water distributor operating in Portugal, providing integrated water efficiency services to public and private utilities globally.
It specialises in complex, turnaround water efficiency projects. The company employs 600 staff and, on top of international headquarters in Luxembourg, has dual headquarters in Madrid and Oporto.
Indaqua, bought by Miya in 2016, is a Portuguese private water and wastewater operator serving seven utilities in Portugal's north-west, covering an area of 1,000 square kilometres with a distribution network reaching more than 600,000 residents.
Miya – Shari Arison (founder); Amit Horman (CEO).
Bridgepoint – Héctor Pérez (partner).
Equity – PwC (commercial due diligence); Uría Menéndez (legal); EY (financial due diligence, tax), ERM (ESG due diligence), Willis (insurance due diligence).
Backers close a $18.6m round started in 2015 with an initial $10.6m capital injection
GP invests via its Nordic Capital Fund IX, which held a final close on €4.3bn in May 2018
Abalos Therapeutics is a biotechnology company focused on developing immuno-oncology therapeutics
Existing management team will lead the company's future growth and development