With a fleet of 856 buses and 1,246 minibuses operating from 57 strategically located depots, Hansea is a large Belgian public transport infrastructure operator – providing public, school, staff and coach services.

In May this year, they acquired Munckhof Group BV, a brand known throughout the Netherlands for operating trains, planes, buses and taxis. Together they will form a network, operating 2,250 vehicles from 50 locations across Benelux, that caters for the mobility needs of 47 million people per year. In order to continue offering smart and reliable transport services, the new, larger Hansea Group aims to invest in innovative and sustainable mobility, with a focus on greening its fleet by introducing electric vehicles.

As part of Munckhof Group’s acquisition, Hansea’s owner, DWS – one of the world’s leading asset managers*, acting through Pan-European Fund III (PEIF III) – mandated NatWest to support with the refinancing of Hansea’s debt facilities.

Prior to approaching lenders for the required new liquidity, the NatWest team worked with the DWS and Hansea team on a detailed overview of the new, combined and integrated business (post the Munckhof acquisition), highlighting the business and geographic diversity that the acquisition would achieve.

The proactive communication resulted in a strong group of lenders – including new lenders – agreeing to €266 million of debt facilities, comprising a €151 million Term Loan, a €100 million Capital Expenditure Facility and a €15 million Working Capital Facility. The flexible financing, which will also support Hansea’s transition to a zero-emission fleet, has features commensurate with an investment grade-style financing.

Stephen Davies, Head of Debt Financing, PEIF III, commented: “We are excited about Hansea and Munckhof joining forces. This partnership, and the new financing structure that has been implemented, will accelerate our ambitions to grow, become more sustainable and invest even more resources in quality and innovation. We thank the NatWest team for their excellent guidance and expertise throughout the financing process.”

Kooyeon Kim, Managing Director, NatWest, said: “We’re delighted to have been able to support our customer, PEIF III, putting this flexible financing in place for Hansea. This debt facility will also help finance Hansea’s transition to a net-zero fleet, which aligns with our purpose to play an active role in building a greener future for us all. This transaction also highlights NatWest’s strong advisory capabilities in transportation and the wider infrastructure sector.”

* #13 in top 100 Asset Manager Managers by managed AUM (December 2022