Thames Water Valuation, Funding & Investors

Thames Water is valued at $427M as of January 2012.

Last Thames Water valuation

$427M

Secondary · Jan 2012

Last Thames Water funding round

$963M

Undisclosed stage · Jul 2023

Cumulative funding Thames Water raised

$963M

across 1 funding round

Key investors in Thames Water

  • Abu Dhabi Investment Authority
  • China Investment Corporation
  • OMERS
  • Kuwait Investment Authority

Thames Water Overview

About Thames Water

Thames Water is a regulated water and wastewater utility serving London and south-east England. It serves households, businesses and public organisations connected to its water-supply and sewerage networks, and its products or services sit inside day-to-day operating or consumer workflows rather than acting as a passive holding vehicle. The business earns revenue through regulated customer charges for water delivery, wastewater collection and treatment. Founded in 1989 and based in Reading, Thames Water operates across London, the Thames Valley and surrounding regions through reservoirs, treatment works, pipes and sewers. The company supplies drinking water and manages wastewater for millions of customers in one of Europe’s largest metropolitan service areas. ADIA agreed to acquire a 9.9% stake in 2011 as part of its long-term infrastructure portfolio. Customers choose the company for exclusive regulated service territories, essential demand and a large installed network of treatment and distribution assets, while its capital base supports the people, technology, physical assets and regulatory capabilities needed to deliver those services. Its profile in this research is that of an operating company with identifiable customers and commercial revenue, even where long-term institutional shareholders own a material stake.


Founded

1989

HQ

United KingdomReading

Status

Privately held

Customer focus

B2C & B2B

Revenue model

Usage-based

Valuation

$427M (Jan 2012)

Sectors

Thames Water Valuation

Thames Water is currently valued at $427M, based on its secondary sale in January 2012. Read the announcement ↗

The round included China Investment Corporation.

Thames Water valuation by funding round

Thames Water valuation by funding round
DateStageValuation
Jan 2012Secondary$427M

Thames Water Funding History

Thames Water has raised a total of $963M across 1 funding round, plus 3 secondary share sales.

Thames Water funding rounds

Thames Water funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Jul 2023Undisclosed stage-$963M-Thames Water, the UK water utility serving London and the Thames Valley, received £500 million in new equity from shareholders in March 2023, with a further £750 million committed across AMP7 subject to conditions. This forms part of a proposed £3.75 billion total equity package, the largest in UK water sector history, to support an £18.7 billion totex investment program for infrastructure, water security, and environmental improvements. As of 30 September 2023, underlying EBITDA reached £627 million, up 22% year-on-year, alongside £1.0 billion invested in assets (30% increase) and £3.5 billion in committed liquidity. The company outlined a refocused three-year turnaround plan approved to enhance performance. One shareholder, USS, reported its Thames Water stake value as now 'minimal' from £956 million two years prior, with no dividends received since 2017.
Mar 2017SecondaryKuwait Investment Authority; OMERS--Macquarie-managed funds agreed to sell their remaining combined 26.3 per cent interest in Kemble Water Holdings, the parent of Thames Water, to Borealis Infrastructure, the infrastructure arm of Canada's OMERS, and Wren House Infrastructure Management, owned by the Kuwait Investment Authority. The sale ended eleven years of Macquarie involvement in the utility, which it had led a consortium to acquire from RWE in 2006. No financial terms were disclosed by the parties.
Jan 2012SecondaryChina Investment Corporation-$427MCIC acquired an 8.68% interest in Kemble Water, the holding company for Thames Water, from an existing shareholder. The disclosed ownership position was 8.68%. The transaction materials disclosed GBP 276 million as the target-specific transaction value. The target operates in Utilities and Water, serving B2C and B2B customers through Services economics. CIC participated as a long-term institutional investor, and the transaction expanded its direct exposure to the target's operating sector and geography. The company profile reflects the business at the transaction date, including a historical identity where later reorganizations changed the name or ownership structure. Ordinary listed-market portfolio accumulation, debt instruments without immediate ownership, fund commitments, and property assets without an operating-company target are excluded from this research set.
Jan 2011SecondaryAbu Dhabi Investment Authority--ADIA reached agreement during 2011 to acquire a 9.9% stake in Thames Water, the regulated water and wastewater utility serving London and south-east England. ADIA’s annual review identifies the ownership movement as a direct infrastructure investment but does not publish the seller, consideration or exact announcement day. Thames Water supplies drinking water, collects sewage and operates reservoirs, treatment works, pipes and sewers for millions of household and business customers. The stake gave ADIA exposure to essential, regulated infrastructure with long-lived assets and relatively predictable demand. The stored date reflects the counterparty announcement date; it is not inferred from a URL or publication identifier.

Who has invested in Thames Water?

4 investors have backed Thames Water across its funding rounds, including Abu Dhabi Investment Authority, China Investment Corporation, OMERS and Kuwait Investment Authority.


Thames Water Investors

Investors in Thames Water by funding rounds participated
InvestorHQRoundsRoleFirst check
Kuwait Investment AuthorityKuwaitKuwait City1ParticipantMar 2017
China Investment CorporationChinaBeijing1ParticipantJan 2012

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Thames Water Competitors

Thames Water competitors include listed companies like Akfen Yenilenebilir Enerji, CGE Transmision, Compañía General de Electricidad and Consolidated Water, and private ones like Hydro Rein and Energie Steiermark.

Public and private companies comparable to Thames Water
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Akfen Yenilenebilir EnerjiTurkeyTurkeyPublicly listed$116M$59M$429M4.0x
CGE TransmisionChileChilePublicly listed$284M$150M$431M-
Compañía General de ElectricidadChileChilePublicly listed$2.4B$145M$431M-
Consolidated WaterUnited StatesUnited StatesPublicly listed$132M$26M$436M2.4x
Hydro ReinNorwayOsloPrivate--$333M-
Energie SteiermarkAustriaGrazPrivate--$557M-

Thames Water Public Comps

Thames Water is still privately-owned, but its public comps include Akfen Yenilenebilir Enerji, CGE Transmision, Compañía General de Electricidad, Consolidated Water, PTC India, Yu Group, Acinque, Genie Energy, Steamhouse India and Montauk Renewables.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Akfen Yenilenebilir Enerji$116M$59M5.8x4.0x11.3x7.3x
CGE Transmision$284M$150M3.7x-7.1x-
Compañía General de Electricidad$2.4B$145M0.8x-12.8x-
Consolidated Water$132M$26M2.4x2.4x11.8x14.3x
PTC India$1.8B$98M0.2x0.2x2.9x6.1x
Yu Group$941M$64M0.3x0.2x4.0x3.8x
Acinque$636M$104M1.1x-6.5x-
Genie Energy$502M$30M0.5x0.5x8.3x7.8x

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Common questions about Thames Water

When was Thames Water founded?Thames Water was founded in 1989.
Where is Thames Water headquartered?Thames Water is headquartered in Reading, United Kingdom.
Is Thames Water publicly listed?No, Thames Water is a private, VC-backed company.
What is Thames Water's valuation?Thames Water was last valued at $427M in its secondary sale in January 2012.
How much funding has Thames Water raised?Thames Water has raised $963M across 1 funding round.
What was Thames Water's last funding round?Thames Water's last funding round was a $963M undisclosed-stage round in July 2023.
Who are Thames Water's investors?Thames Water's investors include Kuwait Investment Authority, China Investment Corporation, Abu Dhabi Investment Authority and OMERS.
Which companies are comparable to Thames Water?Companies comparable to Thames Water include Akfen Yenilenebilir Enerji, CGE Transmision, Compañía General de Electricidad, Consolidated Water, Hydro Rein and Energie Steiermark.

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