Hector Rail owner, EQT Infrastructure II, has submitted an irrevocable bid to acquire GB Railfreight, the UK's third largest rail freight operator.
The proposed acquisition is part of EQT Infrastructure II's strategy to create a leading and independent rail freight operator and to expand the Hector Rail Group. The intention is to integrate GB Railfreight into the Hector Rail Group if this offer is accepted.
EQT Infrastructure II has made an irrevocable offer by the Hector Rail Group to acquire GB Ralfreight, which is solely through Groupe Eurotunnel SE. The acquisition is the subject of consultation with Groupe Eurotunnel's CEO, after which EQT Infrastructure II and Groupe Eurotunnel are ready to proceed rapidly with the transaction and the entry into binding agreements.
Founded in 1999 by current CEO John Smith, GB Railfreight is the third largest rail freight operator in the UK and offers customers a wide range of rail freight solutions. The company's team of 650 carries out over 1,000 trainloads per week and moves ~15% of the UK's rail freight. GB Railfreight has a fleet of over 130 locomotives and 1,100 wagons, transporting goods for customers such as Drax, Network Rail, EDF Energy, MSC UK, Aggregate Indsutries and Tarmac.
"We are very pleased with EQT as our new owner and firmly believe that EQT's industrial approach and network, enhanced by ice rink experience and access to capital, will be a great support in our ambitions to grow further.
"GB Railfreight is a well managed company with comparable values and ambitions to Hector Rail. The proposed offer for GB Railfreight is key to Hector Rail's continued growth and we look forward to taking the Group to the next level," said Joakim Landholm, CEO of Hector Rail Group.
In preparation for the forthcoming acquisition of GB Railfreight and the successful development of Hector Rail, the CEOs of the Hector Rail Group appointed Joakim Landholm as the new Group CEO. Mr. Landholm joined Hector Rail on August 15, 2016. Prior to that he worked for Scandinavian Airlines as Chief Transformation Officer and prior to that as Chief Commercial Officer. He has also held senior positions at Codan / trygg Hansa (RSA Scandinavia) and GE Consumer Finance Nordic & Baltic.
