Steer advises Eversholt Rail on landmark acquisition by Beacon Rail
Steer supported Eversholt Rail on its acquisition by Beacon Rail, providing commercial and technical due diligence to help deliver a landmark transaction in the UK rail leasing sector.
Steer has supported Eversholt Rail on its acquisition by Beacon Rail, owned by JP Morgan Asset Management.
The deal brings together two established leasing platforms, creating a scaled pan-European business well placed to support the continued growth of sustainable rail transport.
Historically, the three primary ROSCOs (Eversholt Rail, Angel Trains, and Porterbrook) were established during the privatisation of British Rail in the mid-1990s. These companies experienced a series of ownership changes in the years following privatisation.
Steer provided sell-side commercial and technical due diligence, delivering targeted analysis across market conditions, contractual structures, asset performance, and future demand, equipping shareholders with the clarity needed to assess long-term value in a sector undergoing structural change.
The work was led by Antonio Beltran Arranz as project director and commercial due diligence lead, with Angeliki Terpou serving as project manager, ensuring coordinated delivery across commercial and technical workstreams.
Sector insight meets transaction expertise
Steer’s infrastructure transactions specialists worked alongside rail experts to provide advice grounded in both investor priorities and deep sector understanding. This combination ensured that Eversholt Rail’s strengths – from its diversified leasing base to its sustained investment in rolling stock – were articulated through a lens that resonated with infrastructure investors.
With more than 30 years of industry experience, Eversholt Rail leases passenger and freight trains to operators across the UK, while continuing to finance new fleets and invest heavily in asset enhancement programmes. Our longstanding involvement in the rail sector meant we could contextualise the business within the evolving policy and operating environment.
Antonio Beltran Arranz said:
As reform continues to reshape the market, including the transition toward Great British Railways, the private sector will continue to have a key role in the financing and asset management of rolling stock across the rail passenger and freight sectors. Investors increasingly value advisors who understand how regulatory direction, procurement models and demand patterns are likely to influence future rolling stock trends and performance, from a combined commercial and technical lens. Steer’s forward-looking perspective helped frame these dynamics clearly during the transaction.
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