Alantra advises Readypower on its sale to Angel Trains

Jan 2022

Sell-side advisory

Alantra, the global investment banking firm, has advised the shareholders of Readypower Group, the UK’s leading specialist rail operated asset and infrastructure services provider, on the sale of the business to Angel Trains. The sale provides an exit for majority shareholder Primary Capital Partners.

Readypower provides specialised on-track plant equipment as well as civil engineering, drainage, haulage and operating services to the UK rail sector. It plays a critical role in helping to modernise the UK’s rail network as electrification and upgrades continue throughout the country. Readypower operates from six major hubs (Reading, Nottingham, Crewe, Caldicot, Warrington and Scotland) supported by a number of satellite facilities throughout England, Scotland and Wales.

Angel Trains is one of Britain’s leading rolling stock asset managers. The deal cements Angel Trains’ commitment to continue investing in rail assets in the UK. Readypower will continue to run as an independent business, with its brand and management team remaining in place. Angel Trains will support Readypower’s growth by investing in the latest machinery and technology to support critical rail assets, developing sustainable solutions for the future.

The sale of Readypower demonstrates Alantra’s ongoing activity within the UK’s Industrials sector. This is the second deal in January following the sale of Tornado Group to Storskogen and the ninth deal over the last 12 months.

The team advising Readypower was led by partner Steve Currie. He was supported by Robert Young, Robert Pearce and Ollie Hickley.

Steve Currie, partner at Alantra and lead adviser on the transaction, commented, “It was a pleasure to work with Russell Jack , CEO of Readypower, and the rest of the senior team, as well as Primary Capital. Readypower has achieved significant growth with the backing of Primary and Angel Trains will be an excellent partner to continue that expansion. 

Given the forecast spend in UK infrastructure over the next 10 to 20 years, we expect to see an unprecedented level of M&A activity at premium valuations across the road, rail and power sectors. M&A will be driven by UK and overseas strategic trade buyers diversifying into higher growth adjacent markets and financial investors, including private equity and core-plus infrastructure investors attracted by the strong visibility over long-term cash flows.”

Russell Jack, CEO of Readypower, added, “It has been a pleasure to work with Alantra during this transaction. After a successful five-year period with Primary Capital, it was essential for us to find a good investor to continue our successful journey. Alantra ran a very thorough process and worked incredibly hard to find us the right partner. We are absolutely delighted to be acquired by Angel Trains, who are the perfect long-term home for the Readypower Group.”  

Alistair Armstrong, who led the original deal for Primary, said, “Readypower has proved an excellent investment for us.  Its experienced executive management team has ensured the business remains relentlessly focused on delivering exceptional customer service whilst investing in all the right areas to deliver outstanding growth. We are delighted with the successful outcome and proud to have been associated with Readypower’s journey to become the UK market leader in this critical area of infrastructure services.  We wish everyone involved with Readypower all the best for the future.”