EQT Credit supports PE buyout of Hydro International

A UK water services company is the latest investment from EQT’s mid-market credit strategy.

EQT Credit has provided a debt package to support the private equity buyout of Hydro International.

The acquisition of Hydro by Agilitas Private Equity was supported by lending from EQT’s Mid-Market Credit investment strategy.

Hydro International is a UK-headquartered company that provides products and services to companies focused on the water supply sector. It works with municipal, industrial and construction companies to assist in the processing, treatment and managing of water.

The firm employs 219 staff, predominantly in the UK but also has bases in Maine and Oregon in the US.

Agilitas said water management is an area of increased government focus in response to issues surrounding water scarcity driven by population size, urbanisation and climate change.

Paul Johnson, partner on EQT Partners’ credit team, said the company is “an international company that has demonstrated industry leading and technologically differentiated product and services for the water management industry. We look forward to supporting the Company and the management team under Agilitas’ ownership”.

Financial terms of the deal were not disclosed.

The second vintage of EQT’s mid-market debt strategy was launched in July 2017. It’s first EQT Mid-Market Credit Fund closed on €530 million in 2016, ahead of its €500 million target.