Engagement Results

Client:

American Water Works

Size:

Multi-billion publicly traded utility

Industry:

Water sector

Expertise:

Full-service provider of water to general population

Assignment:

A principal of MainStream Management was directly involved in a co-management role as an underwriter of a $1.5 billion public offering of American Water Works. The firm was retained along with a number of other investment banks to raise the capital as a spin-off of the American Water Works operation from a German based public utility, RWK.

Actions:

As head of investment banking for the middle market firm that was hired to assist in the underwriting, the principal of MainStream was responsible for running the investment banking side of the team in the secondary offering. This work included undertaking due diligence on the firm; monitoring all public reporting that was being created by the subsidiary; and interfacing with the institutional sales desk in the marketing of the securities.

Results

The client raised over $1.5 bb in the quasi-IPO / secondary offering, the largest publicly traded offering that occurred in the United States in 2008.