VTG GmbH (VTG) announces that it has entered into a binding purchase and sale agreement for the sale of all shares in VTG Rail UK Ltd. (VTG Rail UK) to the Universities Superannuation Scheme (USS), one of the largest pension funds in Great Britain.
VTG Rail UK is an established, high-performing wagon leasing business serving the British rail freight market. Over the past four years, the company has experienced significant growth and built a strong track record through customer-focused innovation. VTG Rail UK operates with a high degree of autonomy as a separate company within the VTG Group, led by an experienced local management team.
With assets of approximately £84.0 billion, USS is one of the UK's largest pension schemes and has a strong track record of long-term investments in British companies. Under USS ownership, VTG Rail UK will continue to invest in expanding its fleet and building on its strong customer base, while maintaining its focus on operational excellence, innovation, and high-quality customer service.
Alberto Nobis, Chief Executive Officer of the VTG Group, said: “Under our ownership, VTG Rail UK has become the leading lessor of rail freight wagons in a major European rail freight market. This success reflects the commitment of our management team and employees in the UK, their close customer relationships and their consistent focus on innovation.”
Dr. Mani Herold, Chief Financial Officer of the VTG Group, added: “Following a comprehensive process, we are pleased to have reached an agreement with USS that recognizes the quality of VTG Rail UK’s platform and its future potential, while allowing us to focus our capital and management resources even more strongly on the further development of our broader European business. We are confident that USS will be a strong owner for VTG Rail UK as the company enters its next growth phase.”
Rob Horsnall, Head of Direct Equity, Private Markets Group, USS, said: “We are delighted to have reached an agreement to acquire 100% of the shares in VTG Rail UK, a leading UK rail freight company that plays a vital role in supporting the UK economy. This investment reflects our strategy of investing long-term capital in resilient infrastructure companies that can generate stable, predictable, and inflation-linked cash flows for our members over many years. With its strong asset base and market-leading position, VTG Rail UK is ideally positioned to support the growing UK rail freight sector and the UK government’s ambitions to expand rail freight capacity in the coming years.”
Yannick Da Ros, Senior Investment Director, Private Markets Group, USS, added: “VTG Rail UK is an established and successful company in a market with compelling growth prospects. With a fleet of around 4,500 rail freight vehicles, the company plays a key role in supporting supply chains across numerous sectors of the UK economy. We look forward to working with the experienced management team and supporting the company in its continued growth and future investments.”
The transaction, which is not subject to regulatory approvals, is expected to close in the fourth quarter of 2026. Marc Hurn, CEO of VTG Rail UK, will continue to lead the company after the transaction is completed. Until the transaction is finalized, VTG Rail UK will continue to operate as part of the VTG Group.
Goldman Sachs acted as VTG's exclusive financial advisor in connection with the transaction, while Kirkland & Ellis International LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal advisors.
