NEW YORK, May 20, 2016 /PRNewswire/ -- WL Ross & Co. LLC ("WL Ross") today announced that its affiliate CEW Germany GmbH has sold approximately 20 percent of the outstanding shares in VTG Aktiengesellschaft ("VTG" or the "Company") to Kuehne Holding AG. Terms of the transaction were not disclosed. This latest transaction completes the €358 million divesture of VTG shares previously held by WL Ross.
Funds managed by WL Ross, the distressed private equity arm of Invesco, originally acquired VTG from TUI AG in 2005. Stephen Toy, Co-Head of WL Ross said, "VTG has been an outstanding business since we made the initial investment and we are pleased to achieve this outcome for our investors." Wilbur L. Ross, Jr., Chairman of WL Ross added, "VTG has been an excellent investment for us. But now that it is so large it deserves a broader base of shareholders."
Karl Gernandt, Executive Chairman of Kuehne Holding AG said, "We strongly believe in the sustainable and quality-based performance of the VTG business and confident that this substantial investment fits perfectly in the strategic framework of our portfolio."
With the closing of the transaction, Kuehne Holding AG becomes VTG's second largest shareholder. WL Ross was represented by Jones Day and Kuehne Holding AG was represented by Credit Suisse.
About WL Ross & Co. LLC
WL Ross & Co. LLC was founded in 2000 by professionals previously from Rothschild, Inc., who were among the leaders in advising various constituencies in bankruptcies and workouts around the world, assisting in restructuring more than $200 billion of liabilities. The firm has sponsored and managed private equity investments in a number of sectors including financial services, steel, energy, textiles, shipping, automotive components and other industries. WL Ross & Co. LLC is an indirect, wholly owned subsidiary of Invesco Ltd.
About Kuehne Holding AG
Kuehne Holding AG, incorporated in Schindellegi, Switzerland, is owned by Klaus-Michael Kuehne and is the majority shareholder of Kuehne + Nagel International AG, one of the worldwide leading logistics providers. It holds a more than 20 per cent stake in Hapag-Lloyd AG, the leading German liner shipping company. In addition, Kuehne Holding AG's asset management includes own real estate in Australia, Canada, Germany and Switzerland as well as projects in the luxury hotel industry on Majorca and, as of 2017, in Hamburg.
VTG Aktiengesellschaft is one of Europe's leading wagon hire and rail logistics companies, with a fleet consisting of more than 80,000 railcars. VTG offers a full-range service, providing tank cars, intermodal wagons, standard freight wagons and sliding wall wagons. In addition to the hiring of wagons, the Group offers comprehensive multi-modal logistics services, mainly around rail transport, and global tank container transports.
With the combination of its three interlinked divisions Railcar, Rail Logistics and Tank Container Logistics, VTG offers its customers a high-performance platform for international transport of their freight. The Group has many years of experience and specific expertise, in particular in the transport of liquid and sensitive goods. Its customers include numerous well-known companies from almost every industrial sector, for example the chemical, petroleum, automotive, paper and agricultural industries.
In the financial year 2015, VTG generated revenue of EUR 1,027.5million and operating profit (EBITDA) of EUR 336.5million. Via its subsidiaries and affiliates the company, which has its head office in Hamburg, is mainly present in Europe, North America, Russia and Asia. As at 31 December 2015, VTG had 1,445 employees worldwide in consolidated companies. VTG AG is listed on the official Prime Standard market of the Frankfurt Stock Exchange and also on the SDAX (WKN: VTG999).
About Invesco Ltd.
Invesco Ltd. is a leading independent global investment management firm, dedicated to helping investors worldwide achieve their financial objectives. By delivering the combined power of our distinctive investment management capabilities, Invesco provides a wide range of investment strategies and vehicles to our clients around the world. Operating in more than 20 countries, the firm is listed on the New York Stock Exchange under the symbol IVZ. Additional information is available at www.invesco.com.
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SOURCE WL Ross & Co. LLC