The Voyager portfolio of passenger rolling stock comprises a fleet of Class 220 and Class 221 diesel-electric multiple units consisting of 352 vehicles in 78 sets of 4-car and 5-car formations, jointly owned by affiliates of Lloyds Bank plc (Lloyds Bank) and The Royal Bank of Scotland plc (RBS).
DC Advisory (DC) was mandated as sole sell-side financial adviser by the owners in Q1 2017.
Following extensive pre-marketing, the process was formally kicked-off in early Q2 2017 with indicative bids received in less than four weeks. A selected number of parties were contacted, consisting of a broad mix of investor types. A lender education process was conducted and a soft staple from two leading UK banks was provided.
DC ran a highly competitive process with multiple binding bids received within a period of less than 12 weeks from the start of the 1st round.
On 21 July 2017, the transaction closed with the sale to Beacon Rail Leasing, a rolling stock company owned by investors advised by J.P. Morgan Asset Management, continuing their expansion in the UK passenger rail market.
DC Advisory have an excellent team and ran a tight, professional process. We were impressed with their knowledge and contacts in the industry. They were organised, responsive and did a good job ensuring the process kept to the timetable. We enjoyed working with the DC Advisory team.
We appointed DC Advisory as sell-side adviser because of their deep understanding of the UK rail market. DC Advisory ran a tight and efficient process and we were delighted with the quality of the advice they gave at key stages, and all of which helped to produce an excellent outcome.