Hupac Group announced that it has entered into an agreement with a subsidiary of Genesee & Wyoming Inc. to purchase all of the issued share capital of ERS Railways BV (ERS). The acquisition includes ERS’s 47%-stake in the Hamburg-based railway company boxXpress. The transaction is subject to satisfaction of customary closing conditions, including the receipt of competition clearances, and is expected to close in the second quarter of 2018.
The network offered by ERS through its co-operation with boxXpress that focuses on the German ports, complements Hupac’s extensive hinterland network out of the Western ports of Antwerp and Rotterdam. ERS will remain a fully independent company, ensuring continuity to its customers and partners, while offering additional customer value thanks to synergies with Hupac’s services and strong network. The existing cooperation with Freightliner for continental train traction services shall be strengthened and further grow.
ERS was established in 1994 and has been a subsidiary of Genesee & Wyoming Inc. (G&W), a New York Stock Exchange listed company, since G&W acquired the UK-based Freightliner Group, which included ERS, in 2015. ERS provides freight forwarding services to the maritime intermodal market connecting the major German seaports and the German hinterland, primarily via boxXpress. In addition, ERS also operates a block train service between the ports of Lübeck and Ludwigshafen.
In 2017 ERS had revenues from continuing operations of approximately EUR 50 million and transported more than 200,000 TEUs by rail.