• Hansea is a leading public transport infrastructure operator in Belgium (the largest in Flanders and second largest in Wallonia)
  • Hansea operates a fleet of over 800 buses from 21 depots strategically located across Belgium
  • The company provides frequent scheduled urban and regional connections on behalf of the Public Transport Authorities, De Lijn (Flanders) and TEC (Wallonia), and is also active in school transport, personnel transport and chartered services
  • Over 80% of Hansea’s revenues are generated under long-term contracts with the regional public transport authorities


  • DC Advisory (DC) was engaged by Hansea and its shareholders, Cube Infrastructure Managers and Gimv, to initially provide debt advice to raise new senior debt facilities for Hansea ahead of commencing the sale of the business
  • DC ran a comprehensive financing process and a robust, multi creditor infrastructure financing package was delivered in December 2018
  • Following the successful close of the financing, DC coordinated the sale process through a competitive two-stage auction in Q2 2019
  • Throughout the two transactions, DC managed a number of detailed work streams, including:
    • Supporting the production of a full suite of due diligence and marketing materials;
    • An information memorandum;
    • A detailed operating and financial model;
    • A management presentation;
    • W&I insurance;
    • Transaction documentation;
    • Overall process management;
    • Debt facility structuring;
    • Hedging execution; and
    • Supporting negotiations with lenders and buyers.


  • DC ran a focussed process and ensured all workstreams were successfully completed
  • An optimised capital structure was implemented before the sale launched, financed by two banks and two funds on highly competitive terms
  • A capex facility was also successfully negotiated to support future growth of the business
  • The auction sale process attracted competition from a number of investors from a diverse pool of liquidity including potential buyers with significant transportation assets already under management and others newer to the sector
  • On 4 June 2019 it was announced that funds managed by DWS Fund would acquire 100% of the equity in Hansea. The transaction closed in August 2019
  • The sale price was not disclosed