‘IMM Investment initiates entry into Asian Infrastructure through its investment in the Largest Private Water Treatment Enterprise in China’
IMM Investment Co. (“IMM”) announces that it has invested USD 40 million (KRW 49 billion) in United Water Corporation (“United Water” or “Company”) via its ‘Green Infrastructure Fund’.
IMM plans to deploy funds from ‘Infra Fund VII’ to become a stakeholder of United Water, one of the major private companies in the Chinese water treatment market with more than 16 years of experience.
United Water has 23 water infrastructure operations in 13 cities and in 9 provinces in China. The operations are based on Concession Agreements with local governments that provide exclusivity and generate stable revenue streams. United Water will continue to expand its business in China as the water treatment market continues to grow.
China has been developing the water treatment industry through various policies and incentives in order to re-solve regional water requirements and meet the increasing expectations on water quality and demand. The increased focus on private sector participation by the government for the development of the industry will create more opportunities for industry players like United Water.
In recent years, the Chinese Government has placed a more significant emphasis on improving water quality and thus has started to require more investment into infrastructure. IMM’s investment in United Water is the first by a Korean player into this trend of growing infrastructure development in China.
In November 2019, United Water signed a contract in Bangladesh on a PPP (Public-Private Partnership) project to build and operate a water supply network in Dhaka, the capital of Bangladesh. Furthermore, United Water is looking to utilize its business expertise to further expand its business in the Asia Pacific region.
IMM, since having Hyun Chan Cho (the former director of Asia Infrastructure and Resources at International Finance Corporation) newly on board in 2019, has been actively seeking opportunities in the Asian Infrastructure market. United Water is looking to develop a long-term partnership with IMM and benefit from IMM’s experience in managing diverse environment companies.
Based on the partnership with United Water, IMM will continue to seek additional opportunities in water treatment and infrastructure in China, as well as expand its business in other Asian countries.
Source: IMM Investment
– About IMM Investment
Established in 1999, IMM Investment Corp (“IMM”) is a leading Korean alternative asset management firm that focuses on venture capital, mezzanine, infrastructure and aircraft investments. As of date, IMM is managing 33 funds with capital commitment of approximately USD 4 billion in total, and USD 1.2 billion in infrastructure. IMM has over 50 professionals with extensive experience in investment and management across its Seoul, Japan and Hong Kong offices. IMM has built its track record with a strong management team based on partnership that has worked together to increase value of its portfolio companies and distribute significant returns to its investors.
– About United Water Corporation
United Water is a leading China-focused private water infrastructure group with 23 operations spread across 13 cities and 9 provinces in China. With over 1,100 employees, United Water has a portfolio of projects that covers the whole water cycle, from water supply projects starting with the taking of raw water to industrial waste water treatment projects that ultimately release water back to the environment. Looking to utilize its over 16 years of experience in China’s water industry to expand in the Asia Pacific region, United Water signed its first international project in Bangladesh for the development and operation of a water distribution network on a PPP basis in 2019.
– Concession Agreement: A contract awarding an exclusive right for a company to operate its business for a set time, typically 25~30 years, under the authorization of the government
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