ANGEL TRAINS
Investing in passenger trains to support UK railway andÂ
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.
Transport
AEIF1
Vehicle
2008
Investment year
Realised
Status
United Kingdom
Country
More about Angel Trains
Â
2015
Realised
0
%
Market share
>
0
Passenger vehicles
0
Employees
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
