NEW YORK, May 20, 2016 /PRNewswire/ -- WL Ross &
Co. LLC ("WL Ross") today announced that its affiliate CEW Germany
GmbH has sold approximately 20 percent of the outstanding shares in
VTG Aktiengesellschaft ("VTG" or the "Company") to Kuehne Holding
AG. Terms of the transaction were not disclosed. This latest
transaction completes the €358 million divesture of VTG shares
previously held by WL Ross.
Funds managed by WL Ross, the distressed private equity arm of
Invesco, originally acquired VTG from TUI
AG in 2005. Stephen Toy,
Co-Head of WL Ross said, "VTG has been an outstanding business
since we made the initial investment and we are pleased to achieve
this outcome for our investors." Wilbur L.
Ross, Jr., Chairman of WL Ross added, "VTG has been an
excellent investment for us. But now that it is so large it
deserves a broader base of shareholders."
Karl Gernandt, Executive Chairman
of Kuehne Holding AG said, "We strongly believe in the sustainable
and quality-based performance of the VTG business and confident
that this substantial investment fits perfectly in the strategic
framework of our portfolio."
With the closing of the transaction, Kuehne Holding AG becomes
VTG's second largest shareholder. WL Ross was represented by
Jones Day and Kuehne Holding AG was
represented by Credit Suisse.
About WL Ross & Co. LLC
WL Ross & Co. LLC was
founded in 2000 by professionals previously from Rothschild, Inc.,
who were among the leaders in advising various constituencies in
bankruptcies and workouts around the world, assisting in
restructuring more than $200 billion
of liabilities. The firm has sponsored and managed private equity
investments in a number of sectors including financial services,
steel, energy, textiles, shipping, automotive components and other
industries. WL Ross & Co. LLC is an indirect, wholly owned
subsidiary of Invesco Ltd.
About Kuehne Holding AG
Kuehne Holding AG,
incorporated in Schindellegi, Switzerland, is owned by Klaus-Michael Kuehne and is the majority
shareholder of Kuehne + Nagel International AG, one of the
worldwide leading logistics providers. It holds a more than 20 per
cent stake in Hapag-Lloyd AG, the leading German liner shipping
company. In addition, Kuehne Holding AG's asset management includes
own real estate in Australia,
Canada, Germany and Switzerland as well as projects in the luxury
hotel industry on Majorca and, as
of 2017, in Hamburg.
About VTG
VTG Aktiengesellschaft is one of
Europe's leading wagon hire and
rail logistics companies, with a fleet consisting of more than
80,000 railcars. VTG offers a full-range service, providing tank
cars, intermodal wagons, standard freight wagons and sliding wall
wagons. In addition to the hiring of wagons, the Group offers
comprehensive multi-modal logistics services, mainly around rail
transport, and global tank container transports.
With the combination of its three interlinked divisions Railcar,
Rail Logistics and Tank Container Logistics, VTG offers its
customers a high-performance platform for international transport
of their freight. The Group has many years of experience and
specific expertise, in particular in the transport of liquid and
sensitive goods. Its customers include numerous well-known
companies from almost every industrial sector, for example the
chemical, petroleum, automotive, paper and agricultural
industries.
In the financial year 2015, VTG generated revenue of
EUR 1,027.5million and operating
profit (EBITDA) of EUR 336.5million.
Via its subsidiaries and affiliates the company, which has its head
office in Hamburg, is mainly
present in Europe, North America, Russia and Asia. As at 31 December
2015, VTG had 1,445 employees worldwide in consolidated
companies. VTG AG is listed on the official Prime Standard market
of the Frankfurt Stock Exchange and also on the SDAX (WKN:
VTG999).
About Invesco Ltd.
Invesco Ltd. is a leading
independent global investment management firm, dedicated to helping
investors worldwide achieve their financial objectives. By
delivering the combined power of our distinctive investment
management capabilities, Invesco provides a wide range of
investment strategies and vehicles to our clients around the world.
Operating in more than 20 countries, the firm is listed on the New
York Stock Exchange under the symbol IVZ. Additional information is
available at www.invesco.com.
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SOURCE WL Ross & Co. LLC