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            february 18, 2019

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CILF 2019


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Knorr-Bremse RailServices (UK) Ltd. and Kiepe Electric Ltd. (UK) to be sold to holding company Mutares


Knorr-Bremse is to sell its vehicle services business in UK to the holding company Mutares. The companies have signed an agreement to this effect and closing is expected by autumn 2018.  
Knorr-Bremse is carrying out a strategic realignment of its vehicle services business in the UK market. “With this step, we are continuing our ongoing efforts to realign our strategic focus on core  competencies  as  a  key supplier  for  the  railway  industry,  offering  subsystems, components and all related services,” says Klaus Deller, Chairman of the Executive Board of Knorr-Bremse  AG  and  responsible  for  the  Rail  Vehicle Systems  division. “We are very pleased  to  have  come  to  an  agreement  with  Mutares  –  an  agreement  that  will  create significant added value for the divested businesses.”
The agreement between Knorr-Bremse and Mutares governs the full takeover of the UK vehicle services business of Knorr-Bremse RailServices and Kiepe Electric, including both Knorr-Bremse RailServices sites in Wolverton and Springburn as well as the Kiepe Electric
facilities  in  Birmingham.  The  components  and  aftermarket  business  in  the  UK  will  be continued by Knorr-Bremse Rail Systems.  
Robin Laik, CEO of Mutares, says: “RailServices and Kiepe Electric hold a unique market position in the UK, providing excellent expert services and know-how for the railway industry. Both  companies  have  strong  growth  potential  and  are  an  ideal  match  for  our  ongoing operations. We look forward to welcoming the RailServices and Kiepe Electric specialists to our portfolio. Mutares possesses expert knowledge in how to uti
lize the strong potential of both entities and allow profitable growth for Knorr-Bremse RailServices UK and Kiepe Electric UK.”
Mutares is a holding company that typically acquires companies or divisions that are no longer part of the core business of a larger corporation. As an investor with its own consulting team,  Mutares  specializes  in  increasing  production  efficiency, leveraging  synergies  and enabling  growth.  In  particular,  they  invest  in  European  companies  that  have  significant potential  for  development  and  already  possess  established  business  models  –  often combined with strong brands.
Under a set of commercial collaboration agreements with Knorr-Bremse, the businesses will be  the  preferred  integration  and  installation  partners  of  Knorr-Bremse.  These  formal collaboration agreements are designed to ensure a seamless transition period for employees and suppliers and are important for the continuity of delivery to customers and to ensure long term collaboration between Knorr-Bremse and the businesses on future opportunities. The businesses will be renamed shortly, in line with the strategic approach of Mutares. Knorr-Bremse RailServices UK is a provider of a wide range of maintenance and overhaul services to rolling stock owners and train operating companies across the UK and Ireland.
Knorr-Bremse RailServices is specialized in vehicle overhaul and refurbishment as well as modernization,  upgrading,  incident  repairs  and  wheelset  overhaul.  At  its  two  sites  in Wolverton and Springburn, Knorr-Bremse RailServices has a headcount of approx. 600.
Kiepe Electric is a globally active supplier of electrical systems to leading rail vehicle and bus manufacturers. In the UK, it operates from Birmingham with a headcount of approx. 100. The UK company is an engineering consulting firm offering turnkey solutions for refurbishment and modernization for domestic and international rolling stock providers, as well as project management and system integration. Kiepe Electric has been part  of the Knorr-Bremse Group since January 2017.

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