Water Direct
The Deal
- Bought By
- Adam Johnson
- Year
- 2022
- Vehicle
- Soris Capital, backed by Ethos Partners and Istria Capital
- Kind
- Services
A Colchester provider of emergency and alternative water supply, tankering and bottled water logistics for utilities, businesses and the public sector, founded in 1996.
What Happened Next
A majority sale in 2025 by one backer's sentence, to a buyer the second backer calls a private equity firm when announcing its exit and a minority reinvestment in January 2026. That backer's release of March 2022 names him as leading the management buy-in and taking the chief executive's seat, and the first backer says he added a second company a year later.
They sold a majority 3 years in, in 2025, and stayed with the company.
The exit ends of journeys like this one, where the buyer has announced the purchase itself, are on Buyers.
Backed by the Same Firms
Istria Capital
- Grupo Security · Jorge Gimenez-Arribas and Juan Bolivar · 2026
- Vialterna · Federico Mariscal and Enrique Valdés · 2026
- Telecardio · Marcelo Espiga and Tiago Dowsley · 2026
- IMASP · José María Jover and Ignacio Jarava · 2026
- The rest of the record
Ethos Partners
- JD2M · Stéfano Demari and Victor Peltier · 2023
Method & Source
This record is double-sourced: it joined when the purchase and, where the company has traded on, the exit could both be read in primary accounts.
- Istria Capital's own account istriacapital.com
- Ethos Partners' own account, The backer's portfolio page, which names him as principal of the vehicle leading the buy-in and files an entry of March 2022. ethospio.com
- Ethos Partners' own account, The backer's release of March 2022 announcing its investment in the acquisition. ethospio.com
- Ethos Partners' own account, The backer's release of January 2026 announcing its exit and reinvestment. ethospio.com