DIF, CIMIC Group and CAF consortium reaches financial close on Regional Rail PPP

DIF

Sydney, 15 February 2019 – DIF is pleased to announce that the Momentum Trains consortium, comprising DIF Infrastructure V, CIMIC Group companies Pacific Partnerships, UGL and CPB Contractors, and Construcciones y Auxiliar de Ferrocarriles (CAF), has reached financial close on the Regional Rail design, build, finance and maintain project in New South Wales (NSW), Australia.

The availability based contract with Transport for NSW includes delivery of a new regional rail fleet, along with a purpose built maintenance facility in Dubbo, New South Wales. The fleet will enter service progressively from 2023 and will deliver a new standard in reliability, safety and comfort for regional and interstate travellers.

Rolling stock manufacturer CAF, will be responsible for building 117 new rail cars which are based on its successful Civity platform. CAF, together with CPB Contractors, will develop the maintenance facility and UGL will be responsible for maintaining the fleet and maintenance facility for the initial 15-year concession.

Wim Blaasse, Managing Partner of DIF, says: “DIF is excited to invest in this significant rolling stock project which will deliver a high quality rail experience for interstate and regional travellers and commuters. This project is the result of our strong relationship with CIMIC Group and CAF.”

Marko Kremer, Partner and DIF’s Head of Australasia adds: “DIF is delighted to be working in partnership with Transport for NSW on this major rolling stock project and contributing to the economic development of regional NSW. This new rolling stock fleet will deliver improved comfort and reliability, and make long distance travel on the east coast of Australia safer, faster and more convenient.”

The Momentum Trains consortium was advised by MUFG (financial) and Herbert Smith Freehills (legal).

About DIF
DIF is an independent infrastructure fund manager, with €5.6 billion of assets under management across seven closed-end infrastructure funds and several co-investment vehicles. DIF invests in greenfield and brownfield infrastructure assets located primarily in Europe, North America and Australasia through two complementary strategies:

  • DIF Infrastructure V targets equity investments in public-private partnerships (PPP/PFI/P3), concessions, regulated assets and renewable energy projects with long-term contracted or regulated income streams that generate stable and predictable cash flows.
  • DIF Core Infrastructure Fund I targets equity investments in small to mid-sized infrastructure assets and companies in the energy, transportation and telecom sectors with mid-term contracted income streams that generate stable and predictable cash flows.

DIF has over 115 professionals in eight offices, located in Amsterdam, Frankfurt, London, Luxembourg, Madrid, Paris, Sydney and Toronto. Please visit www.dif.eu for further information.

DIF contact:

Allard Ruijs,
Partner
a.ruijs@dif.eu

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IK Investment Partners to sell Axtone Group to ITTIK

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IK Investment Partners (“IK”) is pleased to announce that the IK 2004 Fund has reached an agreement to sell Axtone Group S.A. (“Axtone” or “the Company”), a leading manufacturer of highly engineered and customised components for railway industry, to ITT Inc., a US stock quoted manufacturer of engineered critical components and technology solutions for the energy, transportation, and industrial markets worldwide. Financial terms of the transaction are not disclosed.

Axtone is Europe’s premier manufacturer of buffers, draw-gear devices, railway springs as well as other shock absorption and safety components for rail and metro vehicles and rail infrastructure. With over 200 product certificates and customers across the globe, the Company’s solutions fulfil the requirements of European, UIC, Russian GOST and Chinese TB/T technical standards. Axtone is headquartered in Kanczuga, Poland and manufactures its products across six locations in Poland, Germany, Czech Republic and Russia as well as in a joint-venture in China.

“Together with Axtone’s management, we have successfully transformed the Company from a European freight buffer manufacturer to a global provider of customised solutions for shock absorption to the rail industry. During IK’s ownership, we supported two add-on acquisitions within railway springs as well as fostered a restructuring of the Company’s operations and footprint. Our investment in Axtone demonstrates IK’s ability to support CEE companies, particularly in terms of international expansion and the implementation of transformational agendas. We wish the Company and its management team the very best in their next step of development,” said Detlef Dinsel, Partner at IK and advisor to the IK 2004 Fund.

“The partnership with a new owner is a real acknowledgement of the achievements of Axtone, and we would like to thank IK for their support. Axtone is well-positioned to benefit from its unique technologies and brand recognition. We are pleased with the opportunity to join ITT’s legacy KONI brand, as we have a shared commitment to innovation, quality and unrivalled performance,” said Oliver Feicks, CEO of Axtone.

The transaction is expected to close in the first quarter of 2017, subject to customary closing conditions, including receipt of appropriate regulatory approvals.

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Ratos AB: Ratos divests Euromaint

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Ratos has signed an agreement to divest 100% of the shares in its subsidiary Euromaint, Sweden’s leading independent maintenance company for the rail transport industry, to SSVP, a mid-market private equity fund advised by Orlando Management. Enterprise Value amounts to SEK 650m. The divestment is not estimated to generate any exit results for Ratos.

Ratos acquired Euromaint in 2007 in conjunction with the ongoing deregulation of the train operator market. Throughout its history, the company has focused on delivery of high-quality rail maintenance services, thereby strengthening its market position as a leading maintenance provider for Sweden’s premium fleets, including Arlanda Express, X2000 and Stockholm commuter trains. The company has about 1,050 employees, with annual sales of approximately SEK 1,600m. The Euromaint German operations were divested in 2015 in order to streamline operations.

“Euromaint’s ability to deliver high quality services has strengthened the company’s position in the market for train maintenance. Ratos has owned Euromaint since 2007, and we believe that now is a good time for a new owner to take over,” says Lars Johansson, acting CEO of Ratos.

An agreement has been signed for the sale of 100% of the shares. The divestment is not estimated to generate any exit results for Ratos, taking into consideration the earlier announced impairment of book value that will be set in the third quarter accounts. The investment has generated a negative annual average return (IRR). The transaction is expected to be completed in the fourth quarter of 2016.

For further information, please contact:

Elin Ljung, Head of Corporate Communications, Ratos, +46 8 700 17 20, elin.ljung@ratos.se

Lars Johansson, Acting CEO Ratos, +46 8 700 17 00, lars.johansson@ratos.se

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