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Sector

Utilities

Location

UK

Entry date

August 2001

Exit date

August 2005

Fund

STAR I

Status

Realised


Overview

In August 2001, STAR acquired TotalFinalElf Connect and TotalFinaElf Pipelines from Total S.A. The two businesses were rebranded “Inexus”. At the time, Inexus was the largest independent gas transportation business in the UK - sourcing and developing new gas connections and then owning and maintaining them over the long term.

Post acquisition, STAR successfully transitioned Inexus from a division of Total into an independent business. It also separated the development / construction activities and the ownership of regulated assets, which had very different dynamics, into two separate businesses: Connect and Independent Pipelines. This allowed STAR and management to develop a dedicated strategy for each business’ respective needs, including tailored financing structures.

STAR actively supported the company in growing both organically and through acquisitions. The number of connections installed by Inexus grew from 135,000 at acquisition to over 450,000 at exit, and the company increased its market share from approximately 35% to 47%. In addition, in 2005, Inexus successfully diversified its product offering into electricity, becoming the first UK licensed, fully accredited and operational independent electricity distribution network operation.

In August 2005, STAR sold Inexus to the Challenger Infrastructure Fund. The sale was the first realisation from the STAR I Fund.

Contact

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