Saur has announced that its Spanish subsidiary Gestagua has acquired 100% of Nuinsa Inversiones, which held equity investments in three companies operating in the water sector in Spain: Emalsa, Sercanarias and Valorinima. The total value of the acquisition has not been disclosed.
Emalsa is responsible for water management in Las Palmas, the capital city of Gran Canaria, in the Canary Islands. The company has managed every stage of the water cycle for the 400,000 residents of the city since 1993. It also owns seawater desalination facilities with a total production capacity of 85,000 m3 per day. The acquisition of Nuinsa Inversiones increases Saur's holding in the company from 33% to 66%.
Sercanarias specialises in high-pressure pipeline cleaning, wastewater treatment sludge management and pipeline network maintenance and contracting. Valorinima provides water management services to 40,000 people who live in the city of Soria (north-central Spain).
As a result of this acquisition, Saur and its subsidiary Gestagua now serve around one million people in Spain and generate annual revenue in excess of EUR100 million (US$115.6 million). This acquisition has been made in the context of group's Initiative 2022 strategic plan, which aims to raise annual revenue to EUR2 billion (US$2.31 billion) by 2022.