Investment consortium swoops for Porterbrook
Derby-headquartered Porterbrook Rail Finance, which owns a third of Britain's trains, has been sold to a consortium of four international investment funds.
Porterbrook, which bought approximately one third of British Rail's rolling stock in April 1994, is one of three companies which own the majority of the countries trains.
Its investment to date in the UK rail markets totals £2bn in new trains and more than £300m on existing fleet refurbishment.
A global investment consortium comprised of Alberta Investment Management Corporation, Allianz Capital Partners, EDF Invest and Hastings Funds Management have successfully bid for a 100 per cent stake in the company.
Porterbrook owns and manages a modern fleet of approximately 5,900 passenger and freight vehicles.
Managing director Paul Francis said: "We are delighted to welcome AIMCo, ACP, EDF Invest and Hastings as new investors to our business.
"Their long-term approach and capital resources will position Porterbrook well to lead the next phase of growth in the rail industry."
The consortium added: "We are excited about the opportunity to invest in Porterbrook. We understand the importance of rail infrastructure to the UK economy and we look forward to developing long-term relationships with each of the company's many stakeholders."