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Due Diligence Support for the Acquisition of the Netz West Rolling Stock Portfolio by Equitix


Challenge
DIF (the “Seller”) was divesting a portfolio of investments, including equity ownership in rolling stock operating the German regional passenger rail network “Netz West” in Schleswig-Holstein. The portfolio comprised 90 railway coaches built in 2005 and 15 Traxx DE diesel locomotives built in 2015. The local Public Transport Authority, NAH.SH, issued a 20-year re-use undertaking, after which the owner would be responsible for the long-term employment of these assets.
  • Client's profile
    Equitix is a global investor, developer, and long-term fund manager of core infrastructure assets, managing over 330 assets with a consistent track record of deployment over 14+ years.
Approach
Apex Rail provided comprehensive commercial due diligence support to Equitix, ensuring the accuracy and viability of key transaction assumptions. Our role included:
  • Valuation & Financial Analysis: Conducting a detailed assessment of the fleet’s value, utilising a proprietary indifference pricing and asset valuation model to project post re-use lease rates.
  • Contractual & Market Review: Validating Seller-provided data on lease agreements, asset management contracts with North Rail, and remarketability.
  • Risk Assessment & Lifecycle Strategy: Evaluating life extension and protection options to optimise asset longevity and return on investment.
  • Stakeholder Coordination: Collaborating with other buy-side advisors, including technical and legal teams, to ensure a seamless due diligence process.
Results & Impact
  • Successful Acquisition: Equitix secured the DIF portfolio with confidence, backed by robust due diligence insights.
  • Optimised Investment Decision-Making: Comprehensive validation of financial and operational assumptions enabled Equitix to make an informed bid.
  • Strategic Asset Management Planning: Provided insights into future lease rate scenarios and long-term utilisation strategies.
  • Through Apex Rail’s expertise, Equitix gained a competitive edge in acquiring a high-value rolling stock portfolio, reinforcing its position as a strategic infrastructure investor.

Markus Fröhlich

Managing Director in Apex Rail