(don't) Waste Water! | Water Tech to Solve the World

Why Is EVERYONE Getting Pushed Out of Saur? (WHAT’S REALLY GOING ON?) - Patrick Blethon got Ousted

38min | 10/09/2026

Description

Work with me: antoine@dww.show

Get a slot directly in my calendar: https://dww.show/meet

Why Was Patrick Blethon Fired From Saur, Five Days After Its Sale Was Called Off?

On October 7, Saur announced that Patrick Blethon was leaving with immediate effect, after nearly seven years leading France's third-largest water company. In June, Menno Holterman and the Nijhuis executive team had already been pushed out, and on October 2, EQT had reportedly dropped its plan to reduce its stake. So I went through what Patrick and Menno built, how Saur paid for that growth, and what remains unfinished now that they are gone.

🌶️ KEY SPICES 🌶️

🗓️ The timeline, from the March 2026 Morgan Stanley mandate to explore selling Saur's municipal business, to Patrick Blethon fired five days after EQT reportedly backed off

🏚️ Bouygues, PAI, a €2.3 billion leveraged buyout and the 2013 debt restructuring: why Saur came to EQT in 2018 wary of debt

🧭 How Patrick Blethon used the loss of Nîmes to Veolia to make Saur less dependent on French municipal water

🏭 Nijhuis, Aqua-Chem and Veolia's Mobile Water Services for about €190 million: the industrial leg that beat its €500 million target a year early

💶 €75 million of capex against €63 million of EBITDA in 2023, net debt up from €1.24 to €1.4 billion, and a 2024 downgrade below investment grade

📉 2025: industrial sales down 9% to €496 million, a cyber incident, and a negative Fitch outlook in May 2026, while the municipal business carried the group

🥜 IN A NUTSHELL 🥜

Why was Patrick Blethon fired from Saur? Saur says its strategy is unchanged, but my reading is that the test applied to that strategy changed: Patrick could point to a bigger group with a real industrial leg, while the shareholders asked when that growth would turn into cash, and into an exit.

Did Patrick Blethon's strategy work? Largely, yes: industrial sales reached €545 million in 2024, a year ahead of the target, and that business cushioned Saur in 2023 when energy costs hit the French municipal side.

Why did a growing Saur need cash? Because industrial contracts and mobile rental fleets are paid for upfront and earn back over time, and rising interest rates made that growth more expensive to finance.

Who replaces Patrick Blethon at Saur? Didier Michaud-Daniel, previously chair of the supervisory committee, becomes executive chairman, and Jean-Paul Michel takes day-to-day responsibility as interim CEO.

What is the point of being third? At home, Saur will always build behind Veolia and SUEZ, so the question is how it grows out of the giants' shadow without growing beyond what its owners are ready to finance.

#️⃣ Mentioned Links #️⃣

📌 My July article on Menno Holterman's departure: https://www.linkedin.com/pulse/menno-holterman-story-antoine-walter-3q9re/

📌 My investigation on SOURCE: https://youtu.be/NQDWrLDPBuM

00:00 Patrick Blethon Fired as Saur CEO

03:24 Saur's Leveraged Buyout and Debt Restructuring

08:25 Patrick Blethon's Plan Beyond France

13:34 Private Equity Exit: EQT Sells Half of Saur

17:01 Cash Flow vs Profit: Why Saur Needed Blue Bonds

25:19 Slowdown and Menno Holterman's Exit

29:25 Exit Talks: How Patrick Blethon Got Fired

34:58 Third Behind Veolia and SUEZ: What Now for Saur?

Hosted on Ausha. See ausha.co/privacy-policy for more information.

Chapters

Patrick Blethon Fired as Saur CEO
0sec
Saur's Leveraged Buyout and Debt Restructuring
3min
Patrick Blethon's Plan Beyond France
8min
Private Equity Exit - EQT Sells Half of Saur
13min
Cash Flow vs Profit - Why Saur Needed Blue Bonds
17min
Slowdown, Data Centers and Menno Holterman's Exit
25min
Exit Talks - How Patrick Blethon Got Fired
29min
Third Behind Veolia and SUEZ - What Now for Saur?
34min

About (don't) Waste Water! | Water Tech to Solve the World

❓ Ever wondered how the #WaterIndustry was reacting to our World's Water Challenges? Water Scarcity? #SDG6? PFAS? Climate Change? Circular Economy? Digitization and Smart Water?

💪 Get the Water Market pulse for free. In one hour per week, while you do the dishes!

📈 We talk water investment, water tech, water entrepreneurship and water market with entrepreneurs, thought leaders, book authors, scientists, investment funds, VCs, and C-Level experts from water majors.

➡️ Leverage their insights, advice & experience and ensure to stay on top of best practices

🗓️ Tune in every Wednesday (don't miss out! 😅)

🌐 Find all the detailed episode notes, interviews, infographics, and more at http://dww.show

Currently in its 10th Season, the "(don't) Waste Water" podcast has already welcomed around 250 guests from Water Majors (SUEZ, Veolia, Jacobs, Xylem, Kemira, Evoqua, Aquatech, SKion Water...), Scale-Ups (Cambrian Innovation, Epic Cleantec, Gradiant, Liqtech, 374Water, Gingko Bioworks...), Start-Ups (Puraffinity, KETOS, 120Water, ZwitterCo, Membrion, Source...), Universities (Berkeley, the Columbia Water Center), Investment Funds (Sciens Water, Mazarine, Burnt Island Ventures...), Business Accelerators (Imagine H2O, Elemental...), Book Authors (Seth Siegel, David Sedlak, David Lloyd Owen...) or Market Intelligence Companies (BlueTech Research, Global Water Intelligence, World Bank, OECD, Isle Utilities...). Or simply water legends like Gary White, Mina Guli or Andrew Benedek!

On the "(don't) Waste Water" podcast, I strive to make the Water Industry easy to understand for everyone, starting with water professionals, executives, and investors. Hence, he opens the microphone to seasoned, inspirational water experts to discuss their field of excellence.

No one can claim an all-around in-depth understanding of a matter as complex as Water. But piece by piece, you can rebuild the puzzle. With curiosity, patience, and passion, Antoine Walter explores topics such as Advanced Treatment Technologies, Water-Energy Nexus (Hydrogen, Lithium...), PFAS removal, Nature-Based Solutions, Wastewater Reuse, Distributed Water Treatments, Water Finance, and Water Entrepreneurship.

I actually firmly believe that regular listeners of the "(don't) Waste Water" podcast may, in the end, claim a "Water MBA!"

A particular field of interest is how innovation forms, grows and gets widely adopted in a complex and conservative field like the Water Industry. This may be one of the keys to achieving the United Nations Sustainable Development Goal n°6 - #SDG6.

Oh, and in short, about me: I'm a water engineer turned avid student of the water business, market, finance, and tech. I'm married, a happy father of three, and I'm French (nobody's perfect 😅).

Hosted on Ausha. See ausha.co/privacy-policy for more information.

About (don't) Waste Water! | Water Tech to Solve the World

❓ Ever wondered how the #WaterIndustry was reacting to our World's Water Challenges? Water Scarcity? #SDG6? PFAS? Climate Change? Circular Economy? Digitization and Smart Water?

💪 Get the Water Market pulse for free. In one hour per week, while you do the dishes!

📈 We talk water investment, water tech, water entrepreneurship and water market with entrepreneurs, thought leaders, book authors, scientists, investment funds, VCs, and C-Level experts from water majors.

➡️ Leverage their insights, advice & experience and ensure to stay on top of best practices

🗓️ Tune in every Wednesday (don't miss out! 😅)

🌐 Find all the detailed episode notes, interviews, infographics, and more at http://dww.show

Currently in its 10th Season, the "(don't) Waste Water" podcast has already welcomed around 250 guests from Water Majors (SUEZ, Veolia, Jacobs, Xylem, Kemira, Evoqua, Aquatech, SKion Water...), Scale-Ups (Cambrian Innovation, Epic Cleantec, Gradiant, Liqtech, 374Water, Gingko Bioworks...), Start-Ups (Puraffinity, KETOS, 120Water, ZwitterCo, Membrion, Source...), Universities (Berkeley, the Columbia Water Center), Investment Funds (Sciens Water, Mazarine, Burnt Island Ventures...), Business Accelerators (Imagine H2O, Elemental...), Book Authors (Seth Siegel, David Sedlak, David Lloyd Owen...) or Market Intelligence Companies (BlueTech Research, Global Water Intelligence, World Bank, OECD, Isle Utilities...). Or simply water legends like Gary White, Mina Guli or Andrew Benedek!

On the "(don't) Waste Water" podcast, I strive to make the Water Industry easy to understand for everyone, starting with water professionals, executives, and investors. Hence, he opens the microphone to seasoned, inspirational water experts to discuss their field of excellence.

No one can claim an all-around in-depth understanding of a matter as complex as Water. But piece by piece, you can rebuild the puzzle. With curiosity, patience, and passion, Antoine Walter explores topics such as Advanced Treatment Technologies, Water-Energy Nexus (Hydrogen, Lithium...), PFAS removal, Nature-Based Solutions, Wastewater Reuse, Distributed Water Treatments, Water Finance, and Water Entrepreneurship.

I actually firmly believe that regular listeners of the "(don't) Waste Water" podcast may, in the end, claim a "Water MBA!"

A particular field of interest is how innovation forms, grows and gets widely adopted in a complex and conservative field like the Water Industry. This may be one of the keys to achieving the United Nations Sustainable Development Goal n°6 - #SDG6.

Oh, and in short, about me: I'm a water engineer turned avid student of the water business, market, finance, and tech. I'm married, a happy father of three, and I'm French (nobody's perfect 😅).

Hosted on Ausha. See ausha.co/privacy-policy for more information.

Description

Work with me: antoine@dww.show

Get a slot directly in my calendar: https://dww.show/meet

Why Was Patrick Blethon Fired From Saur, Five Days After Its Sale Was Called Off?

On October 7, Saur announced that Patrick Blethon was leaving with immediate effect, after nearly seven years leading France's third-largest water company. In June, Menno Holterman and the Nijhuis executive team had already been pushed out, and on October 2, EQT had reportedly dropped its plan to reduce its stake. So I went through what Patrick and Menno built, how Saur paid for that growth, and what remains unfinished now that they are gone.

🌶️ KEY SPICES 🌶️

🗓️ The timeline, from the March 2026 Morgan Stanley mandate to explore selling Saur's municipal business, to Patrick Blethon fired five days after EQT reportedly backed off

🏚️ Bouygues, PAI, a €2.3 billion leveraged buyout and the 2013 debt restructuring: why Saur came to EQT in 2018 wary of debt

🧭 How Patrick Blethon used the loss of Nîmes to Veolia to make Saur less dependent on French municipal water

🏭 Nijhuis, Aqua-Chem and Veolia's Mobile Water Services for about €190 million: the industrial leg that beat its €500 million target a year early

💶 €75 million of capex against €63 million of EBITDA in 2023, net debt up from €1.24 to €1.4 billion, and a 2024 downgrade below investment grade

📉 2025: industrial sales down 9% to €496 million, a cyber incident, and a negative Fitch outlook in May 2026, while the municipal business carried the group

🥜 IN A NUTSHELL 🥜

Why was Patrick Blethon fired from Saur? Saur says its strategy is unchanged, but my reading is that the test applied to that strategy changed: Patrick could point to a bigger group with a real industrial leg, while the shareholders asked when that growth would turn into cash, and into an exit.

Did Patrick Blethon's strategy work? Largely, yes: industrial sales reached €545 million in 2024, a year ahead of the target, and that business cushioned Saur in 2023 when energy costs hit the French municipal side.

Why did a growing Saur need cash? Because industrial contracts and mobile rental fleets are paid for upfront and earn back over time, and rising interest rates made that growth more expensive to finance.

Who replaces Patrick Blethon at Saur? Didier Michaud-Daniel, previously chair of the supervisory committee, becomes executive chairman, and Jean-Paul Michel takes day-to-day responsibility as interim CEO.

What is the point of being third? At home, Saur will always build behind Veolia and SUEZ, so the question is how it grows out of the giants' shadow without growing beyond what its owners are ready to finance.

#️⃣ Mentioned Links #️⃣

📌 My July article on Menno Holterman's departure: https://www.linkedin.com/pulse/menno-holterman-story-antoine-walter-3q9re/

📌 My investigation on SOURCE: https://youtu.be/NQDWrLDPBuM

00:00 Patrick Blethon Fired as Saur CEO

03:24 Saur's Leveraged Buyout and Debt Restructuring

08:25 Patrick Blethon's Plan Beyond France

13:34 Private Equity Exit: EQT Sells Half of Saur

17:01 Cash Flow vs Profit: Why Saur Needed Blue Bonds

25:19 Slowdown and Menno Holterman's Exit

29:25 Exit Talks: How Patrick Blethon Got Fired

34:58 Third Behind Veolia and SUEZ: What Now for Saur?

Hosted on Ausha. See ausha.co/privacy-policy for more information.

Chapters

Patrick Blethon Fired as Saur CEO
0sec
Saur's Leveraged Buyout and Debt Restructuring
3min
Patrick Blethon's Plan Beyond France
8min
Private Equity Exit - EQT Sells Half of Saur
13min
Cash Flow vs Profit - Why Saur Needed Blue Bonds
17min
Slowdown, Data Centers and Menno Holterman's Exit
25min
Exit Talks - How Patrick Blethon Got Fired
29min
Third Behind Veolia and SUEZ - What Now for Saur?
34min

About (don't) Waste Water! | Water Tech to Solve the World

❓ Ever wondered how the #WaterIndustry was reacting to our World's Water Challenges? Water Scarcity? #SDG6? PFAS? Climate Change? Circular Economy? Digitization and Smart Water?

💪 Get the Water Market pulse for free. In one hour per week, while you do the dishes!

📈 We talk water investment, water tech, water entrepreneurship and water market with entrepreneurs, thought leaders, book authors, scientists, investment funds, VCs, and C-Level experts from water majors.

➡️ Leverage their insights, advice & experience and ensure to stay on top of best practices

🗓️ Tune in every Wednesday (don't miss out! 😅)

🌐 Find all the detailed episode notes, interviews, infographics, and more at http://dww.show

Currently in its 10th Season, the "(don't) Waste Water" podcast has already welcomed around 250 guests from Water Majors (SUEZ, Veolia, Jacobs, Xylem, Kemira, Evoqua, Aquatech, SKion Water...), Scale-Ups (Cambrian Innovation, Epic Cleantec, Gradiant, Liqtech, 374Water, Gingko Bioworks...), Start-Ups (Puraffinity, KETOS, 120Water, ZwitterCo, Membrion, Source...), Universities (Berkeley, the Columbia Water Center), Investment Funds (Sciens Water, Mazarine, Burnt Island Ventures...), Business Accelerators (Imagine H2O, Elemental...), Book Authors (Seth Siegel, David Sedlak, David Lloyd Owen...) or Market Intelligence Companies (BlueTech Research, Global Water Intelligence, World Bank, OECD, Isle Utilities...). Or simply water legends like Gary White, Mina Guli or Andrew Benedek!

On the "(don't) Waste Water" podcast, I strive to make the Water Industry easy to understand for everyone, starting with water professionals, executives, and investors. Hence, he opens the microphone to seasoned, inspirational water experts to discuss their field of excellence.

No one can claim an all-around in-depth understanding of a matter as complex as Water. But piece by piece, you can rebuild the puzzle. With curiosity, patience, and passion, Antoine Walter explores topics such as Advanced Treatment Technologies, Water-Energy Nexus (Hydrogen, Lithium...), PFAS removal, Nature-Based Solutions, Wastewater Reuse, Distributed Water Treatments, Water Finance, and Water Entrepreneurship.

I actually firmly believe that regular listeners of the "(don't) Waste Water" podcast may, in the end, claim a "Water MBA!"

A particular field of interest is how innovation forms, grows and gets widely adopted in a complex and conservative field like the Water Industry. This may be one of the keys to achieving the United Nations Sustainable Development Goal n°6 - #SDG6.

Oh, and in short, about me: I'm a water engineer turned avid student of the water business, market, finance, and tech. I'm married, a happy father of three, and I'm French (nobody's perfect 😅).

Hosted on Ausha. See ausha.co/privacy-policy for more information.

About (don't) Waste Water! | Water Tech to Solve the World

❓ Ever wondered how the #WaterIndustry was reacting to our World's Water Challenges? Water Scarcity? #SDG6? PFAS? Climate Change? Circular Economy? Digitization and Smart Water?

💪 Get the Water Market pulse for free. In one hour per week, while you do the dishes!

📈 We talk water investment, water tech, water entrepreneurship and water market with entrepreneurs, thought leaders, book authors, scientists, investment funds, VCs, and C-Level experts from water majors.

➡️ Leverage their insights, advice & experience and ensure to stay on top of best practices

🗓️ Tune in every Wednesday (don't miss out! 😅)

🌐 Find all the detailed episode notes, interviews, infographics, and more at http://dww.show

Currently in its 10th Season, the "(don't) Waste Water" podcast has already welcomed around 250 guests from Water Majors (SUEZ, Veolia, Jacobs, Xylem, Kemira, Evoqua, Aquatech, SKion Water...), Scale-Ups (Cambrian Innovation, Epic Cleantec, Gradiant, Liqtech, 374Water, Gingko Bioworks...), Start-Ups (Puraffinity, KETOS, 120Water, ZwitterCo, Membrion, Source...), Universities (Berkeley, the Columbia Water Center), Investment Funds (Sciens Water, Mazarine, Burnt Island Ventures...), Business Accelerators (Imagine H2O, Elemental...), Book Authors (Seth Siegel, David Sedlak, David Lloyd Owen...) or Market Intelligence Companies (BlueTech Research, Global Water Intelligence, World Bank, OECD, Isle Utilities...). Or simply water legends like Gary White, Mina Guli or Andrew Benedek!

On the "(don't) Waste Water" podcast, I strive to make the Water Industry easy to understand for everyone, starting with water professionals, executives, and investors. Hence, he opens the microphone to seasoned, inspirational water experts to discuss their field of excellence.

No one can claim an all-around in-depth understanding of a matter as complex as Water. But piece by piece, you can rebuild the puzzle. With curiosity, patience, and passion, Antoine Walter explores topics such as Advanced Treatment Technologies, Water-Energy Nexus (Hydrogen, Lithium...), PFAS removal, Nature-Based Solutions, Wastewater Reuse, Distributed Water Treatments, Water Finance, and Water Entrepreneurship.

I actually firmly believe that regular listeners of the "(don't) Waste Water" podcast may, in the end, claim a "Water MBA!"

A particular field of interest is how innovation forms, grows and gets widely adopted in a complex and conservative field like the Water Industry. This may be one of the keys to achieving the United Nations Sustainable Development Goal n°6 - #SDG6.

Oh, and in short, about me: I'm a water engineer turned avid student of the water business, market, finance, and tech. I'm married, a happy father of three, and I'm French (nobody's perfect 😅).

Hosted on Ausha. See ausha.co/privacy-policy for more information.

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Chapters

Patrick Blethon Fired as Saur CEO

Saur's Leveraged Buyout and Debt Restructuring

Patrick Blethon's Plan Beyond France

Private Equity Exit - EQT Sells Half of Saur

Cash Flow vs Profit - Why Saur Needed Blue Bonds

Slowdown, Data Centers and Menno Holterman's Exit

Exit Talks - How Patrick Blethon Got Fired

Third Behind Veolia and SUEZ - What Now for Saur?

Chapters

Patrick Blethon Fired as Saur CEO

Saur's Leveraged Buyout and Debt Restructuring

Patrick Blethon's Plan Beyond France

Private Equity Exit - EQT Sells Half of Saur

Cash Flow vs Profit - Why Saur Needed Blue Bonds

Slowdown, Data Centers and Menno Holterman's Exit

Exit Talks - How Patrick Blethon Got Fired

Third Behind Veolia and SUEZ - What Now for Saur?

Chapters

Patrick Blethon Fired as Saur CEO

Saur's Leveraged Buyout and Debt Restructuring

Patrick Blethon's Plan Beyond France

Private Equity Exit - EQT Sells Half of Saur

Cash Flow vs Profit - Why Saur Needed Blue Bonds

Slowdown, Data Centers and Menno Holterman's Exit

Exit Talks - How Patrick Blethon Got Fired

Third Behind Veolia and SUEZ - What Now for Saur?

Chapters

Patrick Blethon Fired as Saur CEO

Saur's Leveraged Buyout and Debt Restructuring

Patrick Blethon's Plan Beyond France

Private Equity Exit - EQT Sells Half of Saur

Cash Flow vs Profit - Why Saur Needed Blue Bonds

Slowdown, Data Centers and Menno Holterman's Exit

Exit Talks - How Patrick Blethon Got Fired

Third Behind Veolia and SUEZ - What Now for Saur?