Abris exits locomotive leasing business Cargounit to Three Seas

The deal comes four years after the GP acquired a majority stake in the business via its CEE Mid-Market II fund, which held a final close in January 2013 on €450m.

Mergermarket last month reported that Abris was in the advanced stages of a process to sell the company, with sources saying Cantor Fitzgerald advised the vendor.

The GP said in a statement that the company had increased revenues and profits more than threefold under its ownership.

Cargounit had previously been up for sale in late 2017, but the process did not result in a deal, according to Mergermarket. The publication reported at that time that Abris was then looking to fetch a €100m-plus valuation for the business.

3SIIF, advised by Amber Infrastructure Group, is a commercial fund that targets infrastructure investment in the CEE region.

The transaction completion is subject to approval from regulatory authorities and is expected to take place by the end of 2020.

Company
Founded in 2015 and headquartered in Wrocław, Cargounit is a locomotive leasing business in CEE. It operates more than 180 units including electric and diesel traction locomotives, as well as diesel shunting locomotives. Its clients are major industrial groups in Poland and leading rail freight operators in Europe. The company generated turnover of PLN 103m (€23.2m) in 2019, and operating profit of PLN 50.3m.

People
Abris Capital Partners – Edgar Koleśnik (partner); Wojciech Łukawski (partner).
Cargounit - Jacek Szczegodziński, Arkadiusz Ignasiak, Piotr Ignasiak (co-founders).

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• Exits
• CEE
• Industrials
• Abris Capital Partners
• Poland