DGAP-News: VTG Aktiengesellschaft / Key word(s): Acquisition
Full-service for rail transport: VTG Aktiengesellschaft acquires
railcar provider AAE, Ahaus Alstätter Eisenbahn Holding AG
29.09.2014 / 19:48
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Full-service for rail transport: VTG Aktiengesellschaft acquires railcar
provider AAE, Ahaus Alstätter Eisenbahn Holding AG
- Wagon fleet increases from over 50,000 wagons to around 80,000
- Full-service railcar provider of all essential wagon segments created
- New strategic foothold: combined transport
- Additional principal shareholder brings stability and industry
knowledge
- Financing via three pillars
- Significant increase in revenues, EBITDA grows by more than 75 percent
Hamburg, September 29, 2014. VTG Aktiengesellschaft (WKN: VTG999), one of
the leading wagon hire and logistics companies in Europe acquires the wagon
hire company AAE, Ahaus Alstätter Eisenbahn Holding AG. This merger enables
VTG to strengthen its position as the largest private wagon hire company in
Europe, with a fleet consisting of around 80,000 wagons. The main focus of
the newly acquired fleet is on combined transport wagons which in turn
rounds off VTG's wagon and service range in Europe and closes a vital gap
in its product portfolio.
"Acquiring AAE represents a major strategic step forward for our company",
explains Dr. Heiko Fischer, CEO of VTG Aktiengesellschaft. "The merger of
two innovation leaders will lead to the establishment of the only
single-source provider of all essential wagon segments for rail freight
transportation throughout Europe. This will open us up to new customer
groups and allow us to continue to address the market segment with the
strongest growth potential. Both the shipping industry and rail companies
can equally benefit from our products and services."
AAE is a leading provider as a rental company for combined transport
services. "Combined" or "intermodal" transportation refers to all
forwarding and transport operations which involve the same loading units,
e.g. containers, by rail combined with other modes of transport. The
combined transportation market continues to grow considerably and experts
forecast that demand will double by 2030. Around 30,000 AAE wagons will be
added to VTG's existing wagon fleet, which consists of more than 50,000
wagons. The average age of the AAE wagons is approximately 15 years which
is significantly less than the average age of the VTG fleet, which
currently stands at 23 years. AAE is active in 24 countries throughout
Europe and Russia.
The owner of AAE, Andreas Goer, is pleased about the merger. "I have looked
upon VTG as an innovative, strategically-driven company with clear
direction for a long time. I am delighted to be able to see my family's
life's work in such capable and reliable hands and to continue to accompany
the common enterprise on its journey into the future."
Dr. Fischer classified the significance of the transaction by adding, "I am
very pleased about the additional shareholder and his excellent industry
knowledge. The huge leap will open up completely new horizons for us than
ever before in VTG's recent history".
The acquisition is to be carried out by way of VTG shares, a cash component
and a vendor loan note. The VTG shares shall be issued in the form of a
capital increase. Andreas Goer subscribes for 7.4 million new shares and
thereby acquires 26 percent of the increased share capital of VTG. The
vendor loan note amounts to approximately EUR 230 million and the cash
component is EUR 15 million. On meeting certain conditions for adjustments
met, VTG will pay up to EUR 3 million of additional compensation. Mr. Goer
has informed VTG that he does not intend to take over VTG.
AAE is based in Baar, Switzerland. In the group around 135 employees
generated a turnover of more than EUR 200 million in 2013 and an EBITDA of
almost EUR 150 million. As of December 31, 2013, the net indebtedness of
the enterprise was EUR 890 million. Subject to clearance by the competent
antitrust authorities, the transaction is expected to be completed in the
first half of 2015.
About VTG:
VTG Aktiengesellschaft is one of Europe's leading wagon hire and rail
logistics companies. Globally, the fleet consists of some 53,000 railcars,
with a focus on tank cars and state-of-the-art high capacity freight cars
and flat cars. 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.
About AAE:
With some 30,000 freight cars, the AAE Group is one of the largest freight
railcar leasing company in Europe and market leader for freight cars in
intermodal transport, which is growing at a particularly strong rate. The
goal of the company, which was founded in 1989, is to make environmentally
friendly rail transport increasingly economically viable and efficient. The
company's strategy is based around AAE's railway expertise and the
provision of innovative products and services. In pursuit of this strategy,
in addition to its basic lease concept, AAE has built up a European network
of workshops and developed full-service solutions. This enables AAE to
offer high levels of availability and high performance.
Media contact
Monika Gabler
Head of Corporate Communications
Telephone: +49 (0) 40 23 54-1341
Fax: +49 (0) 40 23 54-1340
Email: monika.gabler@vtg.com
Investor Relations contact:
Christoph Marx
Head of Investor Relations
Telephone: +49 (0) 40 23 54-1351
Fax: +49 (0) 40 23 54-1350
Email: christoph.marx@vtg.com
Further information at www.vtg.com and www.aae.ch.
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Language: English
Company: VTG Aktiengesellschaft
Nagelsweg 34
20097 Hamburg
Germany
Phone: 040 2354 1351
Fax: 040 2354 1350
E-mail: ir@vtg.com
Internet: www.vtg.de
ISIN: DE000VTG9999
WKN: VTG999
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover,
München, Stuttgart
End of News DGAP News-Service
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289299 29.09.2014
DGAP-News: Full-service for rail transport: VTG Aktiengesellschaft acquires railcar provider AAE, Ahaus Alstätter Eisenbahn Holding AG
| Source: EQS Group AG