Arjun is pleased to announce that it has acquired a 10% stake in Angel Trains from the Public Sector Pension Investment Board (“PSP Investments”) through an Arjun managed investment vehicle. PSP Investments, one of Canada’s largest pension investors with an infrastructure portfolio of C$29.4 billion in net assets under management, will remain the majority shareholder in Angel Trains with a stake of 64.25%.
Angel Trains is the largest rolling stock company in the UK, serving the passenger rail sector with a diversified fleet of circa 4,400 vehicles, the majority of which are electric multiple units. As one of the largest investors in UK rail, Angel Trains is committed to help deliver the UK’s net zero commitments as a key enabler of the decarbonisation of UK transport. Angel Trains, as an Investor in People, brings market-leading expertise in asset management, ensuring the fleets deliver to their full potential throughout the whole asset lifecycle.
“With Angel Trains' highly regarded management team at the helm, we look forward to supporting the Company in delivering its next phase of development,” said Romain Py, Partner in Arjun Infrastructure Partners. “Angel Trains has excellent ESG credentials with sector-leading commitment to decarbonisation and innovation; and its “cradle-to-grave” asset stewardship approach ensures fleets deliver their full potential throughout their asset lives”.
“We are delighted to welcome another likeminded long-term investor onto the shareholder register of Angel Trains,” said Richard Chang, Managing Director and Head of Europe, Infrastructure Investments, PSP Investments. “This transaction forms an important part of our strategy to systematically optimize our portfolio by selectively capturing value from our portfolio companies and platforms. As the majority shareholder, we take pride in our unwavering support of Angel Trains' growth over the last 15 years.”
“Angel Trains is committed to the success of the UK rail industry,” said Malcolm Brown, CEO Angel Trains. “We look forward to the shareholders’ continued support to deliver our strategy to invest in and manage innovative and sustainable rolling stock to modernise and improve UK rail, meeting the evolving needs of today’s passengers.”
For this transaction, PSP Investments was advised by Rothschild & Co and Freshfields Bruckhaus Deringer LLP. Arjun Infrastructure Partners was advised by Cantor Fitzgerald and Ashurst LLP.
About PSP Investments
The Public Sector Pension Investment Board (PSP Investments) is one of Canada’s largest pension investors with $243.7 billion of net assets under management as of March 31, 2023. It manages a diversified global portfolio composed of investments in capital markets, private equity, real estate, infrastructure, natural resources, and credit investments. Established in 1999, PSP Investments manages and invests amounts transferred to it by the Government of Canada for the pension plans of the federal Public Service, the Canadian Forces, the Royal Canadian Mounted Police and the Reserve Force. Headquartered in Ottawa, PSP Investments has its principal business office in Montréal and offices in New York, London and Hong Kong. For more information, visit investpsp.com
About Angel Trains
Angel Trains is the largest rolling stock company in the UK, serving the passenger rail sector with a diversified fleet of circa 4,400 vehicles, the majority of which are electric multiple units. Since 1994, Angel Trains has invested over £5 billion in new rolling stock and refurbishment programmes, supporting thousands of skilled jobs in the UK rail supply chain.
Media contact:
Maria Constantinescu
Phone: 1-514-218-3795 | 1-844-525-3795
Email: media@investpsp.ca