Ascendos Rail Leasing

Ascendos Rail Leasing was a European rolling stock leasing business headquartered in Luxembourg and formerly known as CBRail. It originated as a wholly owned subsidiary of Porterbrook, the British rolling stock leasing company, which established the operation to address the mainland European rail market. Rather than operating trains itself, the company acquired locomotives, freight wagons, passenger coaches and multiple-unit trains and made them available to railway operators through leasing arrangements. The European subsidiary changed ownership during the mid-2000s. In December 2004, Porterbrook announced the sale of its European leasing operations to a joint venture formed by Babcock & Brown and Bank of Scotland Corporate Europe, a banking division of HBOS. At the time of the transaction, the business had leasing arrangements involving 28 locomotives and 67 coaches. The new owners provided financial backing for a rapid expansion strategy intended to establish a substantial position in the fragmented European rail leasing market. CBRail expanded its fleet through purchases from several major rail-equipment manufacturers. In February 2006, it placed a reported $156 million order with Bombardier Transportation for 35 diesel and electric TRAXX locomotives, with an option for an additional 70 units. It also acquired freight wagons and locomotives from other manufacturers, building a portfolio that included EMD Class 66, Siemens ER20, GE 311D, Alstom Prima 3U15 and Bombardier TRAXX locomotives. Its passenger portfolio included Alstom Coradia LINT and Stadler FLIRT multiple units, as well as passenger coaches. By June 2008, the company reported or was reported to have 118 locomotives, 785 freight wagons and 103 passenger vehicles either on lease or under construction. The fleet was valued at more than €450 million in contemporary reporting. CBRail pursued flexible leasing arrangements with both privately owned railway companies and state-owned operators. By the end of 2008, it had arrangements with customers in France, Germany, Italy, Poland, the Netherlands and Switzerland. Its Luxembourg structure included CBRail Sarl, which handled the acquisition of new rolling stock, and CBRail Leasing Sarl, which arranged longer-term financing and leasing packages. At the beginning of 2010, the business adopted the name Ascendos Rail Leasing. The company had reportedly preferred the name Eurorail, but that name was unavailable because it was already legally protected. Ascendos continued operating through subsidiaries and serving a range of European rail markets. The company also occasionally disposed of assets; in May 2014, Danish state railway operator DSB agreed to purchase 67 double-deck coaches that it had previously leased from Ascendos. In June 2016, Beacon Rail Leasing announced that it was acquiring Ascendos. The transaction combined two pan-European rolling stock lessors. Their reported combined portfolio included 225 locomotives, more than 1,000 freight wagons, 55 passenger train units and 13 sets of Mark 5 coaches leased or committed across several European markets. Following integration into Beacon Rail Leasing, the Ascendos Rail Leasing name ceased to be used as a standalone operating brand.

Ascendos Rail Leasing began as the European arm of Porterbrook, a British rolling stock leasing company. Porterbrook created the subsidiary to focus on mainland European rail leasing, where operators increasingly used privately financed rolling stock instead of purchasing all equipment directly. The business initially managed a relatively small portfolio, with arrangements involving 28 locomotives and 67 coaches when its ownership changed in 2004. In December 2004, Porterbrook agreed to sell the European operation to a joint venture between Babcock & Brown and Bank of Scotland Corporate Europe. The new ownership provided capital for an expansion program aimed at building a sizeable cross-border fleet. CBRail subsequently ordered rolling stock from multiple manufacturers and pursued leasing relationships with freight and passenger operators across continental Europe. A major step in the expansion came in February 2006, when CBRail ordered 35 diesel and electric Bombardier TRAXX locomotives in a transaction reported at $156 million, together with an option for 70 additional locomotives. The company also added freight wagons and other locomotive types, including EMD Class 66, Siemens ER20, GE 311D and Alstom Prima 3U15 units. Its passenger assets included Alstom Coradia LINT and Stadler FLIRT multiple units, alongside conventional coaches. By June 2008, CBRail had 118 locomotives, 785 freight wagons and 103 passenger vehicles either in service under lease or being constructed. Its reported fleet value exceeded €450 million. The company used a flexible leasing model intended to serve both private rail companies and government-owned railway groups. By the end of 2008, it had established leasing arrangements in France, Germany, Italy, Poland, the Netherlands and Switzerland. The operating structure was divided principally between two Luxembourg entities. CBRail Sarl focused on purchasing new rolling stock from manufacturers, while CBRail Leasing Sarl packaged the assets into longer-term financing and leasing arrangements. Additional subsidiaries and operations were established in several European countries as the business expanded. At the start of 2010, CBRail changed its name to Ascendos Rail Leasing. The company had reportedly considered Eurorail but could not adopt it because the name was already protected. The rebrand marked the company's move away from its original CBRail identity while retaining its core business of owning, financing and leasing rail vehicles. Ascendos continued to manage fleets for customers in several European markets and sometimes sold assets to existing users. In May 2014, DSB agreed to acquire 67 double-deck coaches previously leased from Ascendos. This transaction illustrated the company's ability to support both leasing and eventual asset-sale arrangements. In June 2016, Beacon Rail Leasing announced an agreement to acquire Ascendos. The combined portfolio was described as containing 225 locomotives and more than 1,000 freight wagons, as well as 55 passenger train units and 13 sets of Mark 5 coaches across the United Kingdom, Scandinavia, Belgium, the Netherlands, Poland and Germany. Ascendos was subsequently integrated into Beacon Rail Leasing, and the Ascendos name ceased to be used independently.

• 2016

  Acquisition by Beacon Rail Leasing

  [1]Ascendos Rail Leasingen.wikipedia.org

  Beacon Rail Leasing announced the acquisition of Ascendos, after which the Ascendos name was retired through integration.

• 2014

  DSB purchases leased coaches

  [1]Ascendos Rail Leasingen.wikipedia.org

  DSB agreed to purchase 67 double-deck coaches previously leased from Ascendos.

• 2010

  CBRail becomes Ascendos Rail Leasing

  [1]Ascendos Rail Leasingen.wikipedia.org

  The company adopted the Ascendos Rail Leasing name after its preferred Eurorail name was unavailable.

• 2008

  Fleet reaches major European scale

  [1]Ascendos Rail Leasingen.wikipedia.org

  The company had 118 locomotives, 785 freight wagons and 103 passenger vehicles leased or under construction.

• 2006

  TRAXX locomotive order

  [1]Ascendos Rail Leasingen.wikipedia.org

  CBRail ordered 35 diesel and electric Bombardier TRAXX locomotives and obtained an option for 70 additional units.

• 2004

  Sale of the European Porterbrook subsidiary

  [1]Ascendos Rail Leasingen.wikipedia.org

  Porterbrook agreed to sell its European rolling stock leasing operation to a joint venture between Babcock & Brown and Bank of Scotland Corporate Europe.

A pan-European rolling stock lessor positioned around flexible asset financing and leasing for private and state-owned railway operators. The business combined fleet ownership, manufacturer procurement and long-term leasing structures across freight and passenger rail markets.

• Rail rolling stock leasing

  Locomotive leasing

  Ascendos owned and leased diesel and electric locomotives to European freight and passenger operators. Its locomotive portfolio included Bombardier TRAXX units, EMD Class 66 locomotives, Siemens ER20s, GE 311Ds and Alstom Prima 3U15 electrics. The fleet strategy combined new manufacturer orders with acquisitions and financing structures tailored to individual operators.

• Rail rolling stock leasing

  Freight wagon leasing

  Freight wagons formed a substantial part of the company's portfolio. Ascendos made wagons available through leasing arrangements to freight operators in several European countries, supporting cross-border rail logistics without requiring operators to purchase the assets outright.

• Passenger rail rolling stock

  Passenger rolling stock leasing

  The passenger portfolio included conventional coaches, double-deck coaches and multiple-unit trains. Reported examples included Alstom Coradia LINT and Stadler FLIRT units. Ascendos leased these assets to railway operators and, in some cases, later sold equipment to operators that had previously used it.

• 2016

  Acquisition by Beacon Rail LeasingM&A

  Background

  Beacon Rail Leasing and Ascendos were competing pan-European rolling stock lessors with complementary fleets and geographic coverage.

  Action taken

  Beacon Rail Leasing agreed to acquire Ascendos and combine their rolling stock portfolios.

  Aftermath

  The combined business reportedly controlled 225 locomotives, more than 1,000 freight wagons, 55 passenger train units and 13 sets of Mark 5 coaches. Ascendos subsequently ceased operating as a separate named company.

  Source

• 2010

  Rebrand from CBRail to Ascendos Rail LeasingStrategy

  Background

  The company sought a new corporate identity but could not use the preferred Eurorail name because it was legally protected.

  Action taken

  CBRail adopted the Ascendos Rail Leasing name.

  Aftermath

  The Ascendos identity was used until the business was integrated into Beacon Rail Leasing after the 2016 acquisition.

  Source

• 2006

  Expand the locomotive fleet through a TRAXX orderProduct launch

  Background

  After its 2004 ownership change, CBRail sought to use new financial backing to build scale in European rail leasing.

  Action taken

  The company ordered 35 diesel and electric Bombardier TRAXX locomotives, with an option for 70 additional units.

  Aftermath

  The order contributed to the expansion of a broader portfolio that later included more than one hundred locomotives and substantial freight and passenger assets.

  Reported order value. $156 million (2006)

  Source

1. 1Ascendos Rail Leasingen.wikipedia.org