A consortium comprising Asset Managers and funds has acquired freight car rental firm Wascosa Holding.
Swiss Life AM and Vauban have paid an undisclosed sum to buy the rail transport company from Philipp M眉ller and his family, including its operating group entities.
Wascosa, which is active in more than 20 countries in Europe, handles a fleet of more than 15,000 wagons. The railcars asset manager was founded in 1964 and headquartered in Lucerne, Switzerland.
The acquisition follows an earlier joint purchase by Swiss Life AM and Vauban of an 88% stake in the German rail wagons owner Aves One at the end of 2021.
The new owners said Wascosa will benefit from the 鈥渟trong momentum and favourable market outlook鈥� for European rail wagons and profit from Swiss Life Asset Managers鈥� and Vauban鈥檚 鈥減rofessional expertise in the rail market and infrastructure experience鈥�.
M眉ller, who has agreed to extend his tenure as Wascosa鈥檚 chairman of the board of directors said Vauban and Swiss Life AM鈥檚 long-term commitment, as well as 鈥漷heir expertise in the financing of infrastructure projects鈥�, will secure Wascosa鈥檚 position in the market as well as its future growth.
Christoph Bruguier, a senior investment director and partner at Vauban Infrastructure Partners, said: 鈥淲ith its leading industry position, strong brand recognition and growing business over the last decades, Wascosa is strategically positioned to contribute and benefit from the decarbonisation trends for freight transportation in Europe.鈥�
Christoph Manser, the head of infrastructure equity international at Swiss Life Asset Managers, said: 鈥淭he European rail sector represents an important part of our infrastructure portfolio and provides our investors with attractive investments with a focus on ESG.
鈥漌ascosa is a highly innovative and leading pioneer in the industry. We are excited about the value creation opportunity Wascosa represents and look forward to working, alongside Vauban Infrastructure Partners, with all of its stakeholders to extend this history of success.鈥�
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