Angel Trains swoops in to snap up rail services provider
Readypower Group, the rail operated asset and infrastructure services provider which has a training centre in Nottingham, has been sold to Angel Trains.
The sale provides an exit for majority shareholder Primary Capital Partners, and the deal was advised upon by Alantra.
Readypower provides specialised on-track plant equipment as well as civil engineering, drainage, haulage and operating services to the UK rail sector. The firm operates from six hubs (Reading, Nottingham, Crewe, Caldicot, Warrington and Scotland) supported by a number of satellite facilities throughout England, Scotland and Wales.
Angel Trains is a rolling stock asset manager. Readypower will continue to run as an independent business, with its brand and management team remaining in place.
The Alantra team advising Readypower was led by partner Steve Currie. He was supported by Robert Young, Robert Pearce and Ollie Hickley.
Currie said: “It was a pleasure to work with Russell Jack , CEO of Readypower, and the rest of the senior team, as well as Primary Capital. Readypower has achieved significant growth with the backing of Primary and Angel Trains will be an excellent partner to continue that expansion.
“Given the forecast spend in UK infrastructure over the next 10 to 20 years, we expect to see an unprecedented level of M&A activity at premium valuations across the road, rail and power sectors. M&A will be driven by UK and overseas strategic trade buyers diversifying into higher growth adjacent markets and financial investors, including private equity and core-plus infrastructure investors attracted by the strong visibility over long-term cash flows.”
Russell Jack, CEO of Readypower, added, “It has been a pleasure to work with Alantra during this transaction. After a successful five-year period with Primary Capital, it was essential for us to find a good investor to continue our successful journey. Alantra ran a very thorough process and worked incredibly hard to find us the right partner. We are absolutely delighted to be acquired by Angel Trains, who are the perfect long-term home for the Readypower Group.”
Alistair Armstrong, who led the original deal for Primary, said: “Readypower has proved an excellent investment for us. Its experienced executive management team has ensured the business remains relentlessly focused on delivering exceptional customer service whilst investing in all the right areas to deliver outstanding growth. We are delighted with the successful outcome and proud to have been associated with Readypower’s journey to become the UK market leader in this critical area of infrastructure services. We wish everyone involved with Readypower all the best for the future.”
