The transaction covers the entire share capital of mgw Service and was signed at the end of 2016 by Antje Wallraff and Klaus Weiss, the founding partners and heads of mgw Service, and Fabien Rochefort, Chief Executive Officer of Akiem.
mgw Service provides preventive and corrective maintenance for locomotives on behalf of rail freight and passenger operators. The headquarters of the 70-strong company is based in Kassel (Hesse State). It operates mainly in Germany from its own workshop in Krefeld (North Rhine-Westphalia State) and in Sweden (Hallsberg, Orebro County), but also in Switzerland, Italy and Poland. mgw Service possesses the skills, equipment and spare-part logistics required to cover an extensive range of electric and diesel locomotives. It generated estimated 2016 revenue of close to €20 million from a broad portfolio of private and incumbent operators.
This external growth transaction is part of Akiem’s programme to accelerate its expansion in Europe and step up its investment in new locomotive fleets capable of serving from Germany to Central Europe, Sweden, the North Sea area, and Italy. This will enable Akiem to reinforce its leasing with maintenance offering. mgw Service’s current managerial team will remain in place and the company will continue to operate under the name mgw Service. The complementary leasing and maintenance activities will enable Akiem and its subsidiary, mgw Service, to expand their networks and broaden the nature and level of performance of the services they provide to European operators.