Ancala Partners LLP (‘Ancala’), the independent infrastructure investment manager, has agreed to buy Hector Rail AB (‘Hector Rail’ or ‘the company’) from EQT, including its subsidiary Hector Rail GmbH, on behalf of its European Infrastructure Fund II. Completion on the transaction is expected Q3 2020.

Hector Rail is the largest privately-owned rail freight operator in Scandinavia and one of the few running corridor traffic between Sweden and Germany. It is growing its presence in Germany, Europe’s largest freight market, where it focuses on attractive niche segments, such as energy and intermodal flows.

Founded in 2004, the company has over 100 locomotives and more than 400 employees with a turnover of approximately SEK 1 billion. It offers environmentally friendly and sustainable freight, including timber, steel and lime and has agreements with several major customers and suppliers.

Spence Clunie, Managing Partner, Ancala Partners LLP, commented:

“Hector Rail delivers an essential service for its customers and plays a key role in the growth of the European economy. We look forward to working with the management team to help Hector’s customers grow and for it to provide a high level of service to customers, employees and all other stakeholders. The company’s environmentally friendly transport proposition also means it is well-placed to continue serving the needs of customers increasingly seeking such solutions.

“This acquisition is another example of how our expertise and network of contacts enables us to source excellent opportunities across Europe on behalf of our investors.”


Claes Scheibe, Chief Executive Officer, Hector Rail AB, commented:

“The company supports the growth of the European economy by transporting important goods and materials. We continue to see strong demand for our services and look forward to entering the next growth phase with our new owners, Ancala.”