OnTrain Secures €170 Million Financing to Modernize Locomotive Fleet
Deal News | Mar 27, 2025 | Marguerite Adviser SA
OnTrain, a Poland-based locomotive leasing platform, has secured €170 million in financing to acquire 50 electric locomotives. Majority-owned by Marguerite Adviser SA, a pan-European infrastructure investor co-investing with Griffin Capital Partners and WBW Invest, OnTrain's procurement includes 40 Alstom Traxx MS3 and 10 Newag Dragon 2 LM locomotives. The financing, in euros and zlote, was arranged through a consortium of Polish banks, encompassing a PLN 25 million facility for VAT. By modernizing rail logistics in line with Europe's environmental goals, this investment addresses the critical need for updated transport infrastructure in Poland's strategic logistics hubs. Michael Dedieu of Marguerite and Tomasz Mrowczyk of Griffin emphasized the sector's transformation potential. OnTrain's platform aims to provide modern, ETCS-equipped locomotives for cross-border EU operations, aiding Europe's shift towards sustainable railway solutions.
Sectors
- Rail Transportation
- Infrastructure Investment
- Financial Services
Geography
- Poland – OnTrain, a Poland-based platform, is pivotal in upgrading rail infrastructure within the country.
- European Union – The investment project involves cross-border operations within the EU, promoting environmentally-neutral logistics solutions.
Industry
- Rail Transportation – This article discusses OnTrain's investment in modernizing locomotive fleets, aligning with advancements in rail logistics across Europe.
- Infrastructure Investment – The article highlights Marguerite's role as a pan-European infrastructure investor facilitating significant funds for transportation infrastructure upgrading.
- Financial Services – The securing of €170 million financing involves multiple financial institutions and investment partners, reflecting a major financial transaction in the industry.
Financials
- €170 million – The total amount of financing secured for the purchase of electric locomotives.
- PLN 25 million – VAT facility dedicated to financing recoverable VAT related to the locomotive acquisition.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| OnTrain | Target Company | Company | A Poland-based locomotive leasing platform seeking to modernize rail transport in Europe. |
| Marguerite Adviser SA | Private Equity Investor | Company | Pan-European infrastructure investor, majority owner of OnTrain. |
| Griffin Capital Partners | Co-investor | Company | Co-investor with a focus on transformative investment opportunities. |
| WBW Invest | Co-investor | Company | Co-investor involved in the OnTrain project. |
| Powszechna Kasa Oszczdnoci Bank Polski S.A. | Financing Agent | Company | Part of the consortium providing financing for the locomotive acquisition. |
| BGK Polish Development Bank | Financing Agent | Company | Part of the consortium providing financing for the locomotive acquisition. |
| Bank Polska Kasa Opieki S.A. | Financing Agent and Security Agent | Company | Part of the consortium providing financing and acting as the security agent. |
| Michael Dedieu | Managing Partner | Person | Managing Partner at Marguerite Adviser SA, involved in OnTrain's investment. |
| Tomasz Mrowczyk | Co-Managing Partner | Person | Co-Managing Partner at Griffin Capital Partners, contributing to investment strategy. |
| Piotr Ignasiak | CEO and Co-owner | Person | CEO at OnTrain, providing leadership for the company's strategic development. |