Swedish private equity group EQT has completed its purchase of GB Railfreight from Eurotunnel.
GB Railfreight was founded in 1999 by current CEO John Smith, and is now the third largest rail freight operator in the UK. Smith said: “EQT’s business model is very much aligned with GB Railfreight’s, and I look forward to working closely with our new owners to support our continued growth ambitions.”
The company moves 15 per cent of UK’s rail freight, employing 650 people and operating more than 1,000 trainloads a week. It has a fleet of more than 130 locomotives and 1,100 wagons, transporting goods for customers including Drax, Network Rail, EDF Energy, MSC UK, Aggregate Industries and Tarmac.
GB Railfreight will operate within EQT’s existing business, Hector Rail. Bo Lerenius, Industrial Advisor to EQT and Chairman of the Hector Rail Group, said: “As one of the UK’s leading rail freight operators, GB Railfreight has proven its strength in the rail industry. The focus on innovation and delivery of outstanding customer service are two key factors that make us believe that GB Railfreight is an excellent fit with Hector Rail.”
