Beacon Rail, a rolling stock leasing company, entered into a definitive agreement to acquire Mitsui Rail Capital Europe (MRCE), a full-service locomotive leasing business in Europe from Mitsui & Co., Ltd.
The transaction is expected to be completed before the end of March 2024, subject to regulatory approvals. Mitsui will record a profit following the completion of the transaction, the majority of which has been reflected in Mitsui’s forecast for the fiscal year ending March 2024 announced in May 2023.
Under the transaction, Mitsui & Co., Ltd decided to divest all of the 780,000 shares (100%) in MRCE to Beacon Rail, without disclosing the transfer price, based on an agreement between the parties.
The Mitsui Rail Capital Europe has a capital of EUR 78 million and is 100% owned by Mitsui. In FY March, 2022, the value MRCE’s assets was at EUR 640 million and recorded a revenue of EUR 149 million.
Founded in 2004 and headquartered in the Netherlands, MRCE is a wholly owned subsidiary of Mitsui and is one of the leading electric locomotive leasing companies in Europe. The company owns more than 340 state-of-the-art electric locomotives in 18 countries.
In August 2022, Mitsui Rail Capital Europe ordered from Siemens Mobility 14 Vectron locomotives that will be added to the existing fleet of 147 Vectron units. The ordered locomotives are planned to be used in nine European countries – Austria, Czech Republic, Hungary, Germany, the Netherlands, Poland, Romania and Slovakia. The locomotives will be manufactured at the Siemens Mobility plant in Munich-Allach and equipped with the European Train Control System (ETCS) as well as the required national train control systems.
MRCE provides a full-service offer delivered through a network of 3rd party workshops, which include maintenance, training and logistical support services.
The last few years MRCE and Siemens Mobility have collaborated in founding a joint venture, resulting the Locomotive Workshop Rotterdam (LWR) that offers a wide range of services for preventive and corrective maintenance of electrical locomotives. The workshop has been inaugurated in November 2019. With a ‘first time right’ mentality, LWR was created from scratch giving us the opportunity to truly do things differently and do things better, using both Siemens and MRCE experiences.