SNCF in negotiations over sale of Ermewa Group and subsidiaries, Eurotainer and Raffles

SNCF in negotiations over sale of Ermewa Group and subsidiaries, Eurotainer and Raffles

Following a competitive auction process, the SNCF board of directors has approved to enter into exclusive negotiations with a consortium consisting of CDPQ and a fund managed by DWS Group (DWS) with regards to the sale of Ermewa Holding SAS and its subsidiaries, which include Eurotainer and Raffles Lease.

The sale also includes the sale of Ermewa Group’s subsidiary, DEMI Container Services.

With revenues of €489 million, EBITDA of €271 million in 2020, a fleet of 100,000 assets and 1,200 employees, Ermewa Group is a leading provider of industrial railcar and tank container leasing services.

Operating in 80 countries, the group specialises in designing, optimising and managing strategic assets for the global supply chain. With its headquarters in France and with 40 international offices, the Ermewa Group offers local expertise to customers from industries as diverse as steel, energy, construction, mining, food and beverage, and transportation.

The consortium’s offer could lead to the conclusion of a definitive agreement once the customary consultation with employee representative bodies within the SNCF Group and Ermewa have been completed. The completion of this transaction should be subject to the authorisation of certain competition authorities, including the European Commission, and of the Minister of the Economy, Finance and the Recovery.

Upon completion of the transaction, the capital of the Ermewa Group would be held in equal shares by CDPQ and DWS.

Jean-Pierre Farandou, chairman and CEO of SNCF said: “This operation would also accelerate the group’s debt reduction and pursue the objective of maintaining its financial trajectory, while backing Ermewa with long-term partners, able to ensure the sustainability of the company’s activity, which would remain a commercial partner of SNCF.”

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26th April 2021