Ancala agrees to sell Hector Rail to funds managed by InfraRed

Ancala’s exit follows a successful six year ownership period. Since acquiring Hector Rail in 2020, Ancala has provided follow-on funding to invest in Hector Rail’s fleet, strengthened its management team and supported the integration of its Scandinavian and German operations to create a more efficient organisation that better delivers for its customers.

With Ancala’s support, the business has optimised locomotive utilisation, maintenance planning and procurement to respond more efficiently to customer needs and to enhance services in partnership with its customers. Ancala and Hector Rail have also implemented a comprehensive operational and commercial improvement programme, strengthening how the business bids for and manages contracts. Together, these initiatives have helped the business secure significant new customer contracts and expand into new markets.

Since Ancala’s investment, Hector Rail has increased annual revenues by c.40% from SEK 1.18 billion to SEK 1.65 billion, while EBITDA almost tripled from SEK 72 million to SEK 199 million². The business is well-placed to benefit from the long-term tailwinds and growth outlook for rail freight.

Carsten Hinne, CEO, Hector Rail, said:

“This transaction is a major milestone for Hector Rail. It reflects the collective effort across the business to strengthen how we serve our customers and grow our position as Scandinavia’s leading private rail freight operator.

“Hector Rail’s growth would not have been achievable without the close collaboration, expertise and trust of the Ancala team. In addition, the board’s experience and strategic guidance have been invaluable in helping us capitalise on opportunities and address challenges. It’s a partnership that I have valued greatly and one that has actively supported us to deliver industry-leading and customer-centric transport solutions. Hector Rail is well positioned to deliver its critical services for its customers and I am genuinely excited for the next phase of the company’s development.”

Ankur Ajmera, Partner, Ancala, commented:

“Hector Rail demonstrates the success of Ancala’s conservative underwriting and active asset management approach. We acquired the business during a period of exceptional uncertainty for the transport sector on the basis of our analysis of Hector Rail’s infrastructure fundamentals. This supported our confidence in the resilience and long-term importance of Hector Rail’s business.

“Since then, we have worked proactively with management to create a more flexible and efficient organisation that is trusted to deliver critical freight services to its growing base of long-term customers. Carsten and the Hector Rail team are perfectly positioned to build on this success and continue to provide innovative, reliable and efficient transport services.”

The transaction is subject to customary third-party consents and is expected to close by late 2026.

References

1. Based on net debt as at 31 December 2025

2. Financial performance data for the 12 months ended 30 June 2026