On behalf of investors in its infrastructure equity strategy, AMP Capital has agreed to sell a 51 per cent stake in Angel Trains to a consortium comprising the Public Sector Pension Investment Board (PSP Investments) and funds advised and managed by Amber Infrastructure Group.
The consortium members, which have held their stakes alongside AMP Capital since 2008, are increasing their ownership of the Company, with PSP Investments becoming the majority shareholder.
Angel Trains is the largest rolling stock company in the UK, serving the passenger rail sector with a diversified fleet of c4,300 vehicles, the majority of which are electric multiple units. During AMP Capital, PSP Investments and Amber’s ownership over the last 13 years, the Company has grown substantially, having secured over GBP1.2 billion of new build opportunities since 2016, and has been committed to driving the decarbonisation of the UK transport system.
The management team will continue working with shareholders and stakeholders to deliver its strategy to invest in, and manage, innovative and sustainable rolling stock to modernise and improve UK rail, meeting the evolving needs of today’s passengers.
Adam Petrie, Partner and Head of Transport, Europe, AMP Capital, says: “We are proud to have driven the development of Angel Trains into the UK’s leading rolling stock company and a key enabler of the decarbonisation of the UK rail industry. This marks the fourth successful exit from our global infrastructure equity strategy over the past year, crystallising consistently strong returns for our clients.”
Patrick Charbonneau, Managing Director and Head of Infrastructure Investments, PSP Investments, says: “We are proud to have contributed to and supported Angel Trains’ growth over the last 13 years, including realising Angel Trains’ commitment to sustainability and clean transport through the continued acquisition of electric rolling stock. We look forward to the next phase of the company’s development, led by Angel Trains’ stellar management team, as we continue our partnership with Amber Infrastructure.”
Gavin Tait, Chief Executive Officer, Amber Infrastructure, says: “We are delighted to have been able to increase our position in Angel Trains and to continue working with the highly experienced management team and co-shareholders on delivery of the long term strategy for the Company. Our investment in Angel Trains has been one of our most successful and we look forward to the continued growth of this strategically important transportation investment as the UK looks to deliver on its 2050 net zero commitments.”
Malcolm Brown, CEO, Angel Trains, says: “Angel Trains is committed to the success of the UK rail industry and we look forward to building on the achievements of the last decade. The shareholder base has been extremely supportive, we thank AMP Capital for their contribution and look forward to the continued strong relationship with PSP Investments and Amber Infrastructure.”
Closing of the transaction is expected in September 2021.
AMP Capital was advised by Rothschild, CMS and PwC. PSP Investments was advised by Gleacher Shacklock LLP and Freshfields Bruckhaus Deringer LLP.
