Exponent’s Trainline goes to KKR

It was reported earlier in the month that the UK train ticketing website was aiming to raise £75m through an IPO on the London Stock Exchange. Morgan Stanley, JP Morgan and Numis were expected to act as joint bookrunners for the process.

According to Trainline chairman Doug McCallum, KKR was chosen as the preferred investor in supporting the company's continued expansion into mobile landscape, as well as its move into international markets.

Debt
Ares Management and GE Capital have provided a £265m senior loan to fund the deal, investing via their their joint venture the European Loan Programme. The financing package comprises a £205m senior loan as well as a £60m revolving credit facility.

Ares previously backed Exponent's £190m refinancing of Trainline in 2013.

Previous funding
Exponent bought Trainline in a £163m management buyout in 2006 from a consortium of shareholders including Virgin, Stagecoach and National Express. Barclays arranged the senior and mezzanine debt package for the deal, according to unquote" data.

The following year, Trainline acquired Advanced Smartcard Technologies in a take-private that valued the business at £18.7m. In September 2013, the company secured a £190m refinancing, which also saw Exponent make a partial exit.

Company
Established in 1999, Trainline sells rail tickets online through the thetrainline.com website. In addition to its own site, the company operates retail websites for train operators. It also works with corporate clients and travel agents. The business reported adjusted EBITDA of £21m for 2014, up from £14.4m in 2013 and £9.1m the year before.

People
Doug McCallum is chairman of Trainline while Clare Gilmartin is CEO. Dominic Murphy is head of KKR operations in the UK and Philipp Freise is head of KKR's European media and digital investment team.

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• Topics
• Exits
• UK / Ireland
• Buyouts
• Exponent Private Equity
• KKR
• Morgan Stanley
• JP Morgan
• Unq2015Feb