CAF to acquire EuroMaint in €80m deal
SWEDEN: CAF has reached an agreement to acquire 100% of rolling stock maintenance company EuroMaint Group from funds advised by private equity firm Orlando Nordics.
The deal announced on May 23 is worth around €80m, subject to adjustments at the closing of the transaction which is expected by July 19.
CAF said EuroMaint had ‘a clear leadership position and a clear opportunity to grow’. The company has a significant share of the Swedish market for maintenance of passenger rolling stock, locomotive and on-track plant, employs 1 000 people at 18 sites and generated revenue of €150m in 2018.
The Spanish company expects the acquisition to strengthen its position in the European maintenance and component supply markets, which offer medium and long term sales stability, and to provide it with other opportunities with EuroMaint’s clients in the Nordic region.
EuroMaint was created as a business unit within state railway group SJ in 2001, and acquired by private equity company Ratos in 2007. In 2016 Ratos sold the business to SSVP, a mid-market private equity fund advised by Orlando.