Reference project in the rail vehicles sector
WINTERGERST advises EUCO Rail on the refinancing of the seller loan
EUCO Rail AG is an independent European service provider specializing in the maintenance and modernization of rail vehicles. Founded in 2018 as a startup, the company is headquartered in Zug, Switzerland. Through its subsidiaries EUCO Rail Development GmbH and EUCO Rail Services GmbH, the company operates modern maintenance depots in Langweid am Lech and Essingen. The business model is based on manufacturer-independent maintenance and repair of rail vehicles for operators and manufacturers in Germany, supplemented by technical and industrial consulting. By deploying mobile teams that perform minor repairs on-site, EUCO Rail increases the fleet availability of its customers.
Debt & Capital Advisory
EUR > 30 million
2025
Rail vehicles
Baseline
EUCO Rail AG is an independent European service provider specializing in the maintenance and modernization of rail vehicles. Founded in 2018 as a startup, the company is headquartered in Zug, Switzerland. Through its subsidiaries EUCO Rail Development GmbH and EUCO Rail Services GmbH, the company operates modern maintenance depots in Langweid am Lech and Essingen. The business model is based on manufacturer-independent maintenance and repair of rail vehicles for operators and manufacturers in Germany, supplemented by technical and industrial consulting. By deploying mobile teams that perform minor repairs on-site, EUCO Rail increases the fleet availability of its customers. Key assets were acquired by the CEO as part of a carve-out in 2022 and initially refinanced via a seller loan. The primary task was to fully and permanently refinance the large-scale financing using various financing components.
Challenge
Solution
WINTERGERST developed various financing structures incorporating both equity and debt components. After determining the preferred financing structure in consultation with EUCO Rail, WINTERGERST approached various banks, debt funds, and private equity investors and handled the full coordination of the process. This enabled the company to obtain various financing offers. Following EUCO Rail’s selection of the preferred financing structure, WINTERGERST supported the due diligence and documentation process on both the equity and debt sides.