ANGEL TRAINS

Investing in passenger trains to support UK railway and 

its passengers

Angel has been an owner and lessor of rolling stock since mid 1990s, with a fleet of more than 4,300 passenger vehicles and combined value of over £3 bn.

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Transport

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AEIF1

Vehicle

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2008

Investment year

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Realised

Status

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United Kingdom

Country

More about Angel Trains

New generation trains

During Arcus’ ownership, Angel continually invested in new generation trains aimed at alleviating already overloaded commuter routes and rail congestion in London and in the rest of the UK

Leasing to 21 train operators

Angel is unique in leasing to all 21 franchised and open access train operators in the UK

Alstom Pendolino

Angel owns Alstom Pendolino electric high-speed trains equipped with tilting mechanism and designed to run at 140 miles per hour, currently operating up and down the UK on the West Coast Main Line

 

2015

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0 %

Market share
at exit

> 0

Passenger vehicles
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0

Employees
at exit

Market

  • Rail is a popular transport choice in the UK and new trains are required to be built to meet rising passenger demand and for future electrification
  • Rolling stock owners provide a key infrastructure asset to rail service operators under medium to long-term contracts insulated from passenger demand risk
  • Rolling stock assets present a 30 years expected asset life and we identified significant opportunities for extensions and upgrades, which bring economic benefit to the owner
  • Growing passenger demand and high visibility of future tendering processes result in very high utilisation rates for existing assets and accretive new build opportunities
  • Rolling stock companies enjoy very robust cashflows and dividend yields, with upside arising from asset improvement and new build opportunities

Asset

  • In August 2015, the fund completed the sale of its entire stake in Angel to existing shareholders, at a return well above the entry investment case
  • During the Arcus ownership period, Angel expanded its rolling stock portfolio and invested £690 million in new build opportunities, procuring 336 additional vehicles
  • Angel achieved 12% EBITDA growth during the period Arcus held the investment

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Date joined

June 2022

Office

London

English

Polish

French

Afrikaans

Karol joined Arcus in June 2022 as a Senior Investment Executive. Prior to joining Arcus, Karol worked in the digital infrastructure origination team at Amber Infrastructure and in the infrastructure principal investments team at Macquarie Capital. Karol is a member of the Digital Origination Team. His infrastructure experience to date has been primarily focused on infrastructure origination.

Karol holds a BA in Accounting and Finance from University of Manchester.

Management roles

  • Head of Energy Sector Team
  • Investment Committee Member
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