Hector Rail, the largest private operator in Scandinavia, has been sold by Ancala to “funds managed by InfraRed Capital Partners”. The deal, valued at SEK 2.61 billion (€230m), should be closed by late 2026, Ancala said.
Both Ancala and InfraRed are investment funds based in London, while the company operates primarily in Sweden but also in Norway, Denmark and, through a subsidiary, Germany. Ancala purchased Hector Rail in 2020 and, since then, annual revenue has grown 40% while EBITDA tripled, the company pointed out.
‘Major milestone’
Hector Rail is active in various sectors, from timber and bulk transport to intermodal services. One of the company’s main assets is its rolling stock fleet, made up of over 100 locomotives. “The company owns the majority of its largely electric fleet which operates across Scandinavia and Germany”, Ancala underlined.
Moreover, it is one of the few private operators with specialised locomotives that can transit through Sweden, Denmark, and Germany without changing engines. The deal with InfraRed “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”, said Hector Rail CEO Carsten Hinne.