Sector: Locomotive leasing

Main location: Wroclaw, Poland

Investment date: May 2016

Exit date: October 2019

Fund: II

Abris contact: Edgar Kolesnik

From a top 2 local player into the clear #1 on the Polish market and top-6 ROSCO in Europe

After Abris investment, CARGOUNIT, with a diversified fleet of almost 180 mainline electric and diesel shunting locomotives, became the leading provider of tailor-made solutions for the leasing of locomotives on the Polish market, itself the second largest rail freight market in Europe.

Investment Highlights

position on the Polish locomotive rental market
Revenue (EURm)
Fleet increase
Add-on acquisitions
3.3x, 32% IRR
Gross returns generated

Key strategic drivers

  • Ambitious fleet expansion through acquisitions, sale-and-leaseback, and selective purchases to become the unquestionable national leader (3.1x growth in fleet size)
  • M&A during first years of holding period to consolidate market share, expand and diversify client portfolio, and benefit from economies of scale
  • Expansion of service offering through dry/soggy/wet lease, modern locos, shunters and passenger units

Key operational drivers

  • Governance transition from a founder-led organization to an independent management with divisional support
  • Implementation of ESG policy and procedures
  • Introduction of best-in-class asset maintenance procedures focused on maximized utilization
  • Rigorous investment process governed by IRRs
  • Implementation of dedicated IT fleet management system
  • Introduction of ECM fleet management & safety standards

Exit process

Abris sold its stake in Cargounit to Three Seas Initiative Investment Fund (advised by Amber Infrastructure Group).