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In March 2022, after more than two years searching for a UK company to acquire, Adam Johnson acquired Water Direct through his SF, Soris Capital Partners, in partnership with Ethos Partners (Orca Equity Partners team made the investment while at Ethos Partners). Among the SF investors backing the acquisition were Istria Capital, Family Ruiz, Cabiedes Inversiones, Miramar Equity Partners, Innesto Partners, and Euston Ventures, among others. At the time of the acquisition, the company reported revenues of £11.6M and EBITDA of £4.6M (year-on-year increases of 15.6% and 18%, respectively).
After less than three and a half years of ownership, the shareholders of Water Direct have successfully exited the business, selling it to Eurazeo through the Eurazeo Transition Infrastructure Fund (ETIF), which will support the company’s next phase of growth. The transaction delivered significant returns for the original SF investors, achieving a 4–5x MOIC and an estimated IRR of 40–45%.
Headquartered in Colchester (Essex), Water Direct delivers a broad portfolio of essential services, including potable water tankering, bulk and bottled water logistics and supply, temporary water infrastructure, and WaterTight, the company’s flagship resilience-as-a-service assurance solution.
Founded in 1996, Water Direct has grown to become the UK’s leader in alternative water solutions, setting new standards for maintaining uninterrupted access to clean and safe water during planned works and emergencies. Leveraging cutting-edge technology, strategic partnerships, and an expanding national network, the company delivers reliable solutions that enhance resilience for industries, utilities, and communities across the country.
Under Adam’s leadership, and due in part to extreme external conditions (including the wettest 18-month period in Britain’s recorded history), the company delivered exceptional performance in 2023, reaching £25.5M in revenue and £9.1M in EBITDA, followed by £18.6M in revenue and £4.8M EBITDA in 2024. Revenues in 2025 reached a record level, approximately three times higher than pre-acquisition levels. In 2024, Adam also completed an add-on acquisition of Liquiline, further strengthening Water Direct’s position as the UK’s leading alternative water supply provider.
Eurazeo’s investment will enable Water Direct to accelerate fleet and logistics expansion, enhance digital capabilities, and reinforce nationwide resilience and response capacity. The partnership aims to improve the reliability of water supply for customers across the UK, supporting both routine operations and emergency response.
Melissa Cohen, Co-Head Infrastructure at Eurazeo, said: “Water Direct has become a trusted partner to utilities and businesses by providing essential resilience services and maintaining consistently high service standards. We see significant long-term potential in supporting the company’s next phase of sustainable growth, and we look forward to working with the team as it expands both its offering and its coverage.”
Adam Johnson, CEO of Water Direct, has added: “This partnership is a strong endorsement of the critical services our customers rely on every day. With Eurazeo’s backing, we will scale responsibly, expanding capacity, strengthening our nationwide response capabilities and continuing to invest in digital innovation, all with the aim of delivering an even better customer experience across our diverse client base.”
M&A : Clearwater / VDD : Deloitte / Legal: Fieldfisher
