Infrastructure transactions involving assets and operating businesses require commercial and technical due diligence to investors, lenders and International Financial Institutions. Our experts have worked on transactions regarding leasing companies, transport operators and rolling stock as well as operational infrastructure assets such as (toll) highways, airports and PFI/PPP portfolios. We are specialists in rail asset, rail operating businesses and rolling stock transactions. Projects include:

• Investor due diligence to support a client in its tender to finance a fleet of high-speed trains in Sweden. The scope of the due diligence focused on a review of the deliverability of the Operator’s Business Plan and the new fleet including long-term value considerations.
• Buy-side and sell-side due diligence on rolling stock leasing companies and special purpose vehicles across the world.
• Light rail and tram systems, for example the PPP Lewisham extension of the Docklands Light Railway (DLR) system in London, the Zaragoza tram system in Spain and the Jerusalem light rail.
• High speed passenger rolling stock businesses across Europe, focusing on commercial and technical due diligence on business plans and the fleet including future fleet considerations.
• Buy-side due diligence on bus operators in the US and Belgium.
• Working on buy-side or sell-side due diligence for toll roads across the globe.
• Due diligence on freight rolling stock in the UK and Europe, including locomotives, wagons and future market opportunities.

• Developed initial Red Flag reviews and final Due Diligence reports. This included assisting clients in undertaking preliminary analysis on potential targets.
• Prepared projections and undertook sensitivity analysis to assess a range of outcomes.
• Advised on the nature, scale and likelihood of specific risks materialising and the cost of mitigations.
• Advised on the business model and operating models, and any risks or opportunities in client and supply chain management.
• Tested the robustness of revenue and cost models: revenue modelling approach; macro-economic conditions; existing (and emerging) competitors; core cost elements (fixed and variable).

• Our rail sector experts bring deep insight into the international rail market, rolling stock, operator and infrastructure transactions, having advised on over 100 projects.
• Ensuring deliverables across the client spectrum and transaction: buy-side, sell-side, lenders and operators.
• Provided due diligence on numerous international transport projects for public and private sector clients, ensuring that we have a full overview of the latest market developments. We bring our insight and specialism to every transaction.
• Our evidence-based approach based on best practice analytics and modelling leads to results that can be relied upon in closing a transaction.