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Sale and Lease Back of Used Fleet: 109 Locomotives & 4,000+ Railcars


Challenge
To support its European growth strategy, Lineas required a financial restructuring that optimised its capital allocation while ensuring long-term control over its critical assets. The challenge was to balance immediate liquidity needs with maintaining operational continuity and control over strategic rolling stock.
  • Client's profile
    Lineas, Europe’s largest private rail freight operator, is owned by Argos, a private equity firm. With over 2,100 employees and an annual turnover of €500 million, Lineas operates across multiple European markets, including Belgium, France, Germany, the Netherlands, Italy, and Spain.
Approach
Apex Rail acted as exclusive financial advisor, leading the structuring and execution of two parallel Sale and Lease Back (SLB) transactions:
  • Beacon Rail: Acquisition and leaseback of 109 T77 locomotives.
  • Ermewa: Acquisition and leaseback of approximately 4,000 railcars.
Apex Rail’s strategy focused on:
  • Competitive Market Structuring: Creating an auction-like environment to maximise asset valuation while securing favourable lease terms.
  • Strategic Asset Control: Structuring agreements that ensured Lineas retained long-term operational command over its fleet.
  • Operational Synergy: Preserving Lineas’ ability to continue leveraging its maintenance and ECM (Entity in Charge of Maintenance) capacity.
Results & Impact
  • Enhanced Financial Strength: Optimised cash flow and liquidity to support European expansion.
  • Maximised Asset Value: Achieved an attractive sale price while securing competitive lease rates.
  • Maintained Operational Control: Ensured continued strategic oversight and full utilisation of maintenance capabilities.
By successfully structuring these SLB transactions, Apex Rail helped Lineas strengthen its financial position while securing long-term operational efficiency, reinforcing its leadership in the European rail freight market.

Chris Forster

Managing Director in Apex Rail