Hector Rail’s owner EQT Infrastructure II has submitted an irrevocable offer to acquire GB Railfreight, UK’s third largest rail freight operator.
The proposed acquisition is an integral part of EQT Infrastructure II’s strategy to create a leading independent pan-European rail freight operator through the expansion of Hector Rail Group. The intent is to integrate GB Railfreight into Hector Rail Group, if the offer is accepted.
EQT Infrastructure II has via Hector Rail Group submitted an irrevocable offer to acquire GB Railfreight Limited from Groupe Eurotunnel SE. The acquisition is subject to consultation with Groupe Eurotunnel’s staff representative bodies, after which EQT Infrastructure II and Groupe Eurotunnel are ready to quickly move forward with the transaction and enter into binding agreements.
Founded in 1999 by the current CEO John Smith, GB Railfreight is the third largest rail freight operator in the UK, and provides a wide range of rail transport solutions and rail services to its customers. The Company’s team of 650 people operates over 1,000 trainloads a week, moving ~15% of UK’s rail freight. GB Railfreight has a fleet of over 130 locomotives and 1,100 wagons, transporting goods for customers including Drax, Network Rail, EDF Energy, MSC UK, Aggregate Industries and Tarmac.
“We are very pleased with EQT as our new owner and strongly believe that EQT’s industrial approach and network, extensive rail freight experience and access to capital will be of valuable support to GB Railfreight in our continued growth ambitions”, says GB Railfreight’s CEO and founder John Smith.
“GB Railfreight is a well-managed company with similar values and ambitions as Hector Rail. The proposed acquisition of GB Railfreight is key to further growing Hector Rail, and we are excited to take the group to the next level”, says Joakim Landholm, CEO of the Hector Rail Group.
In preparation for the intended acquisition of GB Railfreight and to continue the successful development of Hector Rail, the board of directors of Hector Rail Group has appointed Joakim Landholm as new Group CEO. Mr. Landholm joined Hector Rail on August 15. Prior to joining he worked at Scandinavian Airlines, most recently as Chief Transformation Officer and before that as Chief Commercial Officer. He has also held executive positions at Codan / Trygg Hansa (RSA Scandinavia) and at GE Consumer Finance Nordic & Baltic.