Vector Rail has bought out the leasing car operator Brunswick Rail

JSC “Vector Rail” (key co-owners – former CEO of the Federal Freight Company Alexei Taicher and businessman Sergei Smysl) became the owner of 100% stake in LLC “Brunswick Rail Holding” (BRH), which owns assets of the leasing railway operator, Brunswick Rail . SPARK-Interfax ”on December 8. According to these data, the received share was pledged to VHB under an agreement concluded in September 2020 and registered on December 8, 2021. The size of the share, term and conditions of encumbrance are not specified.

Thatcher’s spokesman did not respond to Vedomosti’s request, and the VGB’s press service declined to comment.

“Rail Rail” is owned by “SD-Trans” – Russia’s largest owner of a fleet for the transportation of liquefied hydrocarbon gases (LPG) and petrochemicals. As of July 1, the SD-Trance fleet consisted of 24,600 tanks, 3,400 tank containers (part for rent), 4,500 fitting platforms for container transportation, and 17 locomotives.

In the first half of 2021, the revenue of “SD-trance” amounted to 92 billion rubles. (2.5% compared to 2020), net profit – 3.9 billion (77%). The debt burden for the last five years remains virtually unchanged, it was stated in the company’s presentation in October 2021. In the first half of 2021, the ratio of net debt to EBITDA was 3.4.

The Brunswick Rail website states that the company provides cars for long-term leases (operating leases). At the end of June 2020, the company had about 40,000 cars, of which 18,208 gondola cars, 16,307 tanks and 5,063 specialized platforms. The average age of the cars is 13 years.

According to SPARK, 99.9% of the BRCs to Vector Rail belonged to Brunswick Rail (Cyprus) Ltd, 0.1% to Amalgam Rail Management Ltd (ARM) and CEO of Super Capital Investment Company Ilya Belyaev, known as the owner of Brunswi. Rail. BRH also owns Brunswick Rail Management LLC, Brunswick Rail LLC and Proftrans LLC (metallurgical cargo transportation). These companies – according to SPARK – in September 2020 were transferred to the balance of BRH with ARM. According to Interfax, Brunswick Rail LLC has a 10% stake in Garant Rail Service LLC, which owns 50% of Novotechrail, a joint venture registered in November 2021. car repair and parts production.

The report of “Brunswick Rail” (the main operating company of the holding) on ​​RAS on the website of the Federal Tax Service shows that the company’s revenue for 2020 amounted to 149 billion rubles., Net losses – 416 million rubles. In BRH the total debt at the end of 2020 amounted to 172 billion rubles., With half the amount – 86 billion rubles. – long-term VTB loan until 2025, taken in September 2020

As a general rule, the pledge of a share in the authorized capital makes it impossible to alienate it to the owners without the consent of the mortgagee, recalls the lawyer and partner of BMS Law Firm Denis Frolov. “When a share encumbered by a pledge is sold, the encumbrances are transferred to the new owner. In addition, a specific pledge agreement may provide for other restrictions, in particular the need to obtain the consent of the pledgee when voting at general meetings on certain issues, etc. “- he explained.

Mikhail Burmistrov, CEO of Infoline-Analytics, believes that the purchase of Brunswick Rail is a logical step in the development of SD Trance, which will become the second largest player (after the State Transport Leasing Company) in the rolling stock market after the transaction.

According to the head of the NRA rating service Sergei Grishunin, in fact with the purchase of Brunswick Rail “Vector Rail” also receives a significant increase in the fleet of tanks – up to 41,000 units, which will allow him to become the largest operator of oil tanks. Brunswick Rail itself acquired such a park at the rate of 1,200,000 rubles. for the tank, and now the cars have risen in price by 40-50%, says the expert. “Therefore, the deal can be estimated at 65-70 billion rubles. After deducting Brunswick Rail’s debt of about 40 billion rubles. the cost of the company can be from 25-30 billion rubles. “- said Grishunin.

Mikhail Burmistrov estimated the deal at 20-25 billion rubles. He added that given the growth of rates in the rolling stock market, especially in the segment of gondola cars, it looks promising for buyers who receive an asset with potential for price growth, and for sellers who since April 2017 were able to increase the value of the asset several times . .

Currently, the fleet of freight cars in Russia is 1.2 million units, gondola cars account for 48%, tanks – 21%, fitting platforms – 8%. Rates for the provision of cars are growing steadily this year. As Vedomosti was told in the analytical center of the Union of Railway Operators, the average daily rent for a gondola car in September 2021 was 1,125 rubles, which is 32% higher than in June 2021 and 50% higher than in December. 2020 The daily rental rate for a tank for petroleum products in September was 1,050 rubles. (20% until December 2020), covered car – 1150 rubles. (4.5%).

Leasing and operating companies did not comment on how the market situation has changed since the “Vector Rail” deal. According to a Vedomosti source in the operating company, it may indeed be a matter of consolidating the park, “but since the parameters of the deal are unknown and there is information that Brunswick Rail has sold off assets, it is too early to talk about any changes.”

According to Dmitry Baranov, a leading expert of Finam Management, as the terms of the deal and the encumbrance of the asset are unknown, it is difficult to determine the payback period of the asset. Approximately they can be 7-9 years “depending on the situation in the freight market, the state of affairs in the economy as a whole,” he said.

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