Bridgepoint sells Miya to Afin Infrastructure

The deal gives the company an EV of around €600-700m, according to press reports.

Bridgepoint acquired Miya from Israel-based Arison Investments in January 2019 via Bridgepoint Europe VI, a €5.7bn vehicle that typically invests €125-500m in companies with enterprise values of €200m-1bn.

Bridgepoint hired financial adviser Citi in June 2020 to manage the auction of the company. The sale attracted offers from four private equity firms – EQT, IFM, KKR and BlackRock – according to Spanish and Portuguese press reports. 

Antin intends to support the company's management team, led by CEO Amit Horman, in finding growth opportunities in water concessions and public private partnerships (PPP) in Europe and North America, as well as in delivering further water efficiency projects around the world.

Company
Miya provides integrated water efficiency services to public and private utilities globally and specialises in complex, turnaround water efficiency projects.

Miya was founded by businesswoman and entrepreneur Shari Arison in 2008 as a private subsidiary of Arison Investments. In 2016, the company acquired Indaqua, a Portuguese private water and wastewater operator in north-west Portugal, covering an area of 1,000 square kilometres with a distribution network that reaches more than 600,000 residents.

In addition to the Indaqua business, Miya also has operations in Spain, Brazil, Jamaica, the Bahamas, Angola, Botswana, South Africa and the Philippines. The company has recently won a contract for a water operation in Puerto Rico, according to press reports.

The group has six long-term concessions in Portugal and one PPP, and has delivered 200 water efficiency projects globally aimed at reducing non-revenue water.

Miya employs 700 staff and is headquartered in Madrid, with offices in Luxembourg and Jamaica.

People
Antin Infrastructure Partners – Mauricio Bolaña (partner).
Bridgepoint – Héctor Pérez (partner).
Miya – Amit Horman (CEO).

Advisers
Equity – Deutsche Bank (corporate finance); Herbert Smith (legal); Sérvulo (legal); McConnell Valdés (legal); PWACS (corporate finance); EY (financial due diligence); Marsh (insurance due diligence).
Company – Citi (corporate finance); Uría Menéndez (legal), PwC (financial due diligence); Willis Tower Watson (insurance due diligence).

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