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2010-11-04 MOR-001
Morgan Stanley Infrastructure Partners

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Eversholt Investment Group agrees to buy Eversholt Rail Group from HSBC


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Morgan Stanley Infrastructure Partners

Eversholt Investment Group agrees to buy Eversholt Rail Group from HSBC
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2010-11-04 HSBC agrees sale of Eversholt Rail Group (HSBC)

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date
4 November 2010
source Morgan Stanley Infrastructure Partners
type Press release



Eversholt Investment Group (“EIG”), a consortium comprising equal stakes from
3i Infrastructure plc, Morgan Stanley Infrastructure Partners and STAR Capital Partners
(“STAR”), has signed an agreement to acquire Eversholt Rail Group (“Eversholt”) from
HSBC Asset Finance (UK) Limited, a wholly owned subsidiary of HSBC Holdings plc
(“HSBC”).

The transaction values Eversholt’s gross assets at approximately £2.1 billion and the
consortium will fund the acquisition through a combination of equity and debt.

Eversholt Rail Group is one of the three leading rail rolling stock companies in the UK. It
owns approximately 29% of the total current British rail fleet with 19 fleets of rolling stock,
specifically designed and built for the UK rail network. The fleets are leased to seven train
operating companies and its revenues are primarily derived from long-term lease payments.
“We are delighted to be acquiring Eversholt,” said Neil King, Partner in the Infrastructure
team at 3i Investments plc, Investment Adviser to 3i Infrastructure plc. “Its strong market
share, well-diversified customer base and high quality cash flows from leases contracted
over the medium to long term make this an attractive asset with strong infrastructure
characteristics.”

“Rolling stock fleets are an integral part of the UK’s transportation infrastructure,”
commented Jim Wilmott, Managing Director of Morgan Stanley Infrastructure Partners. “The
past decade of high passenger growth means these fleets are fully utilised and likely to
become more valuable as passenger numbers continue to grow. Eversholt is a well-run
company with a successful strategy and we are looking forward to working with the
management team and our consortium partners in building on this success.”

“STAR’s investment in Eversholt reflects our strategy of supporting capital intensive
businesses with strong cash flow visibility and downside protection,” said Paul Gough,
Partner at STAR. “There will also be exciting opportunities for Eversholt to invest further in
its existing portfolio as well as in new rolling stock to grow the business over the short to
medium term.”

The transaction is expected to close by the end of 2010.

ENDS


For more information:
3i Infrastructure plc contacts:
Investor enquiries: Silvia Santoro +44 20 7975 3258
Press enquiries: Isabel Unsworth +44 20 7975 3190
Peter Hewer/Martha Kelly, Tulchan Communications +44 20 7353 4200
Morgan Stanley contact:
Hugh Fraser, Media Relations +44 20 7425 3923
STAR Capital Partners contacts:
Tony Mallin, CEO/ Paul Gough, Partner +44 20 7015 8500
Edward Bridges / Ben Foster, Financial Dynamics +44 20 7831 3113

Notes to Editors

About 3i Infrastructure
3i Infrastructure plc is a Jersey-incorporated, closed-ended investment company that invests in
infrastructure businesses and assets and is regulated by the Jersey Financial Services Commission.
The Company listed on the London Stock Exchange in March 2007, raising £703 million in an initial
public offering and a further £115 million in a subsequent placing and open offer in July 2008. The
Company is a constituent of the FTSE 250 index. It aims to build a diversified portfolio of
infrastructure investments across the globe, but with an initial focus on Europe, Asia and North
America. 3i Investments plc, a wholly-owned subsidiary of 3i Group plc, is authorised and regulated in
the UK by the Financial Services Authority and acts as Investment Adviser to 3i Infrastructure plc.
www.3i-infrastructure.com

About Morgan Stanley Infrastructure Partners
Morgan Stanley Infrastructure Partners, with $4 billion in equity under management, is a leading
infrastructure investment platform that focuses on long-term investments in infrastructure assets
associated with providing essential public goods and services to societies across the globe. With
offices in North America, Europe and Asia, Morgan Stanley Infrastructure is part of the Merchant
Banking Division within Morgan Stanley Investment Management. Morgan Stanley Investment
Management has approximately $273 billion in assets under management or supervision as of
September 30, 2010. For further information about Morgan Stanley Infrastructure, please visit
www.morganstanley.com/infrastructure

About STAR Capital Partners
STAR is a European specialist investment fund manager with over €1 billion of equity under
management. Currently investing from its second fund, STAR specialises in the acquisition and
development of capital assets and capital-intensive businesses either independently or in partnership
with existing owners, industry partners and financial investors. STAR’s core sectors include
transportation, energy, oil and gas, utilities, telecommunications, and healthcare.
www.star-capital.com

This press release is not for distribution (directly or indirectly) in or to the United States,
Canada, Australia or Japan and is not an offer of securities for sale in or into the United States,
Canada, Australia or Japan. Securities may not be offered or sold in the United States absent
registration under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or an
exemption from registration under the Securities Act. Any public offering to be made in the
United States will be made by means of a prospectus that may be obtained from the issuer or
selling security holder and will contain detailed information about 3i Group plc, 3i
Infrastructure plc, the 3i India Infrastructure Fund and management, as applicable, as well as
financial statements. No public offering in the United States is currently contemplated.


Railhub Archive ::: 2010-11-04 MOR-001





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