Saur is a leading French drinking and waste water management company focused on small/mid-sized cities across France, where it services approximately 7,000 French municipalities under long-term contracts. Saur is also active internationally, particularly in Spain, Saudi Arabia and Poland.

As a longstanding environmental services leader, Saur supports local authorities and industrial companies in their water and waste water management activities. The company also carries out engineering and infrastructure services.

Saur is the #3 player in its core French water market with a historically stable ~16% market share and clear leadership in its local and regional strongholds; it employs ~8,500 employees and serves ~19 million residents.

The company primarily operates under long-term contracts of 10-12 years with municipalities. Under those mostly asset-light delegation contracts, Saur manages the full operations at own risk in exchange for revenues from the end-consumers. The assets typically remain in the ownership of the local authority.

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Market trends and drivers

France is one of the few countries, where water supply and treatment is dominated by private operators under long-term contracts.

The private water management market serving municipalities in France amounts to approximately EUR 4.9bn and is expected to experience stable and moderate growth going forward. The market is characterized by strong resilience and high barriers to entry. As such, the three main players have had stable market shares over the past decades without any new competition arising.

Outside of France, Saur is particularly active in the stable and attractive Spanish water market.

Investment potential

Saur has a proven business model with a sound value proposition for local municipalities and industrial customers.

Saur‘s value creation strategy is centered around strengthening the company’s position as a leading water company in France. This will be achieved by fostering commercial excellence, constantly improving operational performance, increasing efficiency and investing into technology and digitalization.

In addition, Saur can expand its service offering into faster growing related markets, such as industrial water and pursue organic and inorganic growth opportunities outside of France.

Societal contribution

The icons illustrate the portfolio companies' positive societal contributions based on their solutions i.e. how their products and/or services solve key challenges expressed as the Sustainable Development Goals (SDGs)

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Board of Directors

Matthias Fackler Board member
Jürgen Rauen Chairperson
Harald Jensen Board member
Jean-Francois Cirelli Board member
Philippe Delpech Board member
Thierry Mallet Board member


Patrick Blethon CEO
Stéphane Brunel CFO