LONDON, BOSTON and NEW YORK, May 23, 2016 /PRNewswire/ --
Beacon Rail Leasing ("Beacon"), a leading Pan-European rolling stock lessor, is pleased to announce that it has entered into an agreement to purchase 13 sets of five-car intercity carriages which will be leased to TransPennine Express Limited ("TPE"), a FirstGroup plc company.
The carriages will be manufactured by Spanish manufacturer, Construcciones y Auxiliar de Ferrocarriles ("CAF") and are currently scheduled to be placed into service in 2018. Beacon's Class 68 diesel locomotives, which are leased to Direct Rail Services ("DRS"), will initially haul the carriages between Liverpool and Newcastle and will be sub-leased from DRS to TPE.
Beacon owns a diverse portfolio of freight and passenger train rolling stock and leases these assets to operating companies in the UK and Continental Europe. It owns and manages a modern fleet of 190 locomotives, 944 freight wagons and 20 passenger train units. Beacon's customers include many of the top freight operators in the UK and leading locomotive and rolling stock operators throughout Europe and Scandinavia.
Commenting on the transaction, Ted Gaffney, Chief Executive Officer of Beacon, said: "Beacon is very pleased to provide a locomotive hauled coach solution to TransPennine Express. This transaction is in line with our strategy, growth ambitions, and our commitment to providing state of the art rolling stock to the UK market."
TPE's Managing Director, Leo Goodwin said: "This is great news for our customers and we are delighted to have concluded the deals that will bring much needed and much wanted extra carriages across our network.
"This will enable us to transform the customer experience over the life of our franchise and our three new train fleets will form a key part of this improvement."
"Whether travelling to work, for business or leisure, our services are going to offer more seats, improved connectivity and a higher standard of comfort. The on-board experience will be second to none and we will provide customers with a real alternative to the car and congested road network."
About Beacon Rail Leasing
Beacon Rail Leasing is a rolling stock leasing company focused on serving the UK and continental European markets. Beacon Rail Leasing has an industry leading management team with rail asset management expertise and capital markets experience, enabling it to meet the equipment needs of its Pan European customer base.
Earlier this month, Beacon signed a definitive agreement to acquire Ascendos Rail Leasing S.à r.l. ("Ascendos"), a European locomotive and rolling stock leasing company which is headquartered in Luxembourg, and has additional offices in London and Munich. Ascendos' current portfolio includes 35 locomotives and 100 freight wagons on lease in Belgium, the Netherlands and Germany, 35 passenger train units on lease in Germany, and 67 double decker coaches on lease in Denmark.
Please visit http://www.beaconrail.com for more information. Beacon Rail is a portfolio company of Pamplona Capital Management, a London and New York based specialist investment manager established in 2005 that provides an alternative investment platform across private equity, fund of hedge funds and single manager hedge fund investments. Please visit http://www.pamplonafunds.com for more information.
SOURCE Pamplona Capital Management