Jan De Raeymaeker, CFO of Lineas, emphasised with satisfaction: “This sale-and-lease-back Business is an important step towards becoming an ‘asset light’ company that maintains long-term access to strategic assets while increasing the flexibility to scale up and down in an ever-changing market environment. The transaction allows us to strengthen our financial buffers and fully repay our outstanding bank debt.”
Kurt Coffyn, Lineas COO, commented: “With Beacon Rail and Ermewa, Lineas gains strong partners who have the necessary know-how to build a future-proof fleet on a European scale. With this business, we are pooling our strengths in the development of new technologies such as the Digital Automatic Coupling (DAK) and the European train control system ETCS. These innovations are key to making our rail offering even greener and more efficient, driving modal shift and contributing to Europe’s sustainability goals.”
Rob Dee, CCO of Beacon, is “very happy” to “support Lineas in its mission to drive the modal shift on the European rail network by optimising these assets and future growth opportunities.” And David Zindo, President of the Ermewa Group, stated: “We are honoured and proud to have been selected by Lineas for this sale-and-lease-back transaction, which enables the company to pursue growth and transformation projects. As important players in European rail freight transport, Lineas and Ermewa are jointly responsible for making the transfer of transports to rail in rail freight transport as attractive as possible. We look forward to working with Lineas on new wagon concepts, innovations and forward-looking technologies to live up to this responsibility.”
Under the terms of the agreement, Lineas will continue to use the assets on a day-to-day basis and remain responsible for their maintenance. Lineas was advised on this transaction by Apex Rail and Allen & Overy LLP. T 77 is a class of four-axle diesel-hydraulic locomotives for shunting and mainline operations, used in Belgium, Germany and the Netherlands. Between 1999 and 2005, MaK (Siemens/Vossloh) built a total of 170 of this class. Lineas employs over 2,100 people and has its own fleet of 250 and 7,000 wagons. The company’s majority shareholders are the independent private equity group Argos Wityu and the Lineas management.
Beacon Rail Leasing is a rolling stock leasing company headquartered in Luxembourg, focusing on the European and UK markets. Upon closing, Beacon Rail Leasing’s current portfolio will include 489 locomotives, 1,100 freight cars and 575 passenger and intercity cars, operating in 17 European countries. Ermewa SA is a leading European company in the rental of rail vehicles with 44,000 wagons and a wide range of more than 120 different types of wagons for the transport of hazardous and non-hazardous liquids, gases, bulk and diversified general cargo including food and non-food products. li/er/hfs
