Suez Environnement

What is it? The Euronext-listed global water and waste specialist which was spun off from the GdF Suez group in July 2008. GdF Suez retains 35% ownership.

What has it done? Suez Environnement pulled off one of the most impressive initial public offerings of 2008. The deal valued the company at €8.3 billion, and the shares immediately rallied amid widespread support from the global investor community. Despite the focus on the IPO, Suez Environnement's management did not take their eyes off the ball when it came to acquisitions. Highlights included the purchase of Earth Tech's North American contract operations business, as well as US water storage giant Utility Service Company. Part of the company's growth in 2008 was due to a strong performance at Aguas de Barcelona - Suez Environnement shrewdly consolidated its interest in the Spanish water provider in January, raising its stake to 46%, and can now pick its moment to re-float a portion of the stock.

What makes it special?

• The spin-off of the Suez group's water and waste activities has created a global environmental services specialist without match. It has also dramatically broadened the investment portfolio available to water investors.

• The management teams of both GdF and Suez are to be commended for pulling off an enormously complicated double deal, involving the state-brokered merger of two energy giants, and the concurrent spin-off of Suez's water and waste services business.

• During 2008, Suez Environnement proved that it could compete at the highest level across all its divisions. Its US operating arm United Water renewed the key Jersey City contract, Suez Environnement picked up the flagship water management contract in Jeddah in Saudi Arabia, while the company's plant construction subsidiary Degrémont successfully inaugurated the ground-breaking As Samra wastewater plant in Jordan, while securing new contracts in India, Iraq and Bahrain.