Aves One acquires about 4,400 freight cars from NACCO/CIT
Volume of Aves One freight car portfolio more than doubles to over EUR 500 million
Annual EBITDA contribution of about EUR 28 million expected
Stock of logistics assets set to rise to over EUR 1 billion in 2019
Aves One AG, an investor in logistics assets, has signed a purchase agreement for the acquisition of approximately 30% of NACCO Group's freight car fleet, up to now
Europe’s fourth largest private freight car rental company. The acquisition is expected to be
concluded in the second half of 2018.
In March 2018, the competent competition authority approved the acquisition by VTG AG of CIT Rail
Holdings (Europe) SAS, owner of the NACCO Group, on condition that approximately 30% of the
freight car stock be sold to a third party. With today´s signing of the contracts by Aves One and
Wascosa a major step to comply with the competition authorities’ conditions has been made.
Thereby Aves One has doubled its own fleet to about 8,700 freight cars and rail tankers. At an
average age of about 16 years, the fleet is very young by industry standards. Once the transaction is
concluded, Swiss company Wascosa, which is one of the tenth largest freight car rental companies in
Europe, will take over the management of approximately 4,400 newly acquired freight cars and rail
tankers and integrate them in their fleet.
Jürgen Bauer, Management Board Member of Aves One AG:
“This acquisition is a milestone in our growth strategy. We are set to more than double the value of
our freight car portfolio and overall asset volumes will move towards the billion mark. We’re on the
right path to reach our growth targets for 2020 well before time. We are also expecting the new
freight car fleet to bring a significantly positive contribution to earnings from the outset.”
Considerable strengthening in the rail division
With the acquisition of the NACCO portfolio, Aves One will more than double the asset volumes of its
own freight car portfolio from about EUR 240 million to over EUR 500 million. This will see the rail
division become the company's major line of business and future focus of further growth. The other
divisions unite logistic assets valuing about EUR 260 million.
The new freight car portfolio will help significantly improve Aves One’s financial data. In the first full
year after closing of the transaction, the expected yearly sales contribution will be about EUR 37
million and the expected yearly EBITDA contribution will be about EUR 28 million. The purchase price
of the transaction will be carried out without any capital increase.
Transaction considerably accelerates operational growth
Once the transaction is completed, Aves One will be able to significantly step up its rate of growth.
The EUR 750 million in asset volumes expected by the end of 2018 has already been exceeded
through the acquisition of the freight car fleet. The Management Board also anticipates that the
stock value of logistics assets will rise to a volume of over one billion euro in 2019. This target was
previously set for 2020.