SNCF looks to sell Ermewa/Eurotainer

France’s state-owned rail operator SNCF looks likely to sell its equipment leasing business Ermewa, which includes the tank container leasing businesses Eurotainer and Raffles.

If the sale goes ahead Ermewa will be jointly owned by two fund-management groups Caisse de dépôt et placement du Québec (CDPQ) and a fund managed by DWS Group.

Jean-Pierre Farandou, chairman and CEO of SNCF, said the planned sale of Ermewa is in line with the SNCF group’s strategy to become a leader in sustainable mobility for passengers and goods, with a core rail business and two strategic assets, Keolis and Geodis.

“This operation would also accelerate the group’s debt reduction and pursue the objective of maintaining its financial trajectory, while backing Ermewa with long-term partners, able to ensure the sustainability of the company’s activity, which would remain a commercial partner of SNCF,” he said.

Ermewa posted annual revenues of €489 million and EBITDA of €271 million in 2020. The subsidiary employs 1,200 people managing a fleet of just over 100,000 assets, comprising 40,000 rail cars in Ermewa, 49,500 tank containers in Eurotainer and 16,000 tank containers under Raffles.​