The Phoenix Group (Phoenix) operated a gas conveyance (transmission and distribution) network under a monopoly licence in Northern Ireland. Phoenix was one of three companies within East Surrey Holdings, a public ‘multi-utility’ which Terra Firma acquired in 2005.
Asset-Backed: Phoenix owns and operates 3,100 km of distribution pipeline.
Requiring Fundamental Change: Although there were significant growth prospects for the business, the instability of the regulatory framework, combined with the relative immaturity of the network, demanded an owner with a strong vision.
Transforming strategy
Strengthening management
Developing through capital expenditure
Building through mergers and acquisitions
Lowering the cost of capital to create extra upside
Status of Investment: The Phoenix investment has been realised. In August 2013, Terra Firma sold Phoenix to Utilities Trust of Australia and The Royal Bank of Scotland Group Pension Fund.
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