Previous Projects

TIL has provided strategic and market advice in the proposed sale of an EU contracted bus operator to an international investment group. Covering the areas of market organisation, competition, market regulation, economics, operations and risk assessment.

TIL has provided technical support to a bidder in the Greater Manchester bus franchising process, covering strategy, driver deployment, risk assessment, fleet procurement and maintenance, and organisation structures.

TIL and Atkins Realis have jointly advised EBRD European Bank for Reconstruction & Development on technical options for the modernisation of the network, timetable, bus fleet and organisation of local bus services in Jordan.

TIL and Atkins Realis have jointly advised EBRD European Bank for Reconstruction & Development on technical options for the modernisation of the network, timetable, bus fleet and organisation of local bus services in Jordan, including technical support regarding the deployment of battery electric and trolleybuses. TIL experts provided input in the areas of fleet procurement, power supply, trolleybus design, depot layout and upgrades.

TIL advised an international infrastructure fund regarding a possible equity investment in a specialist investment company, active in the areas of electric bus finance, electrification, battery management and depot charging infrastructure. TIL provided economic support, market insights, electric bus economics, market organisation and data, and risk assessment relating to the UK, EU and US school bus markets.

TIL has supplied a leading UK transport and bus operations expert to support the bus strategy of one of England's largest local authorities. The interim worked closely with the Authority team, as a retained expert, to provide additional specialist resources during a period of growth and change, as the Authority implements its Bus Service Improvement Plan (BSIP).

TIL undertook operational, safety and engineering due diligence as part of the sale process of a large Nordic bus group to a leading infrastructure fund. TIL undertook site visits, and reviewed processes, equipment and vehicle fleets, as well as taking part in broader commercial and operational due diligence, alongside a wider team of advisors.

This project has strengthened our expertise in this interesting region, with a substantial out-sourced bus and rail market. TIL has now undertaken market scoping and due diligence projects in Norway, Sweden and Denmark.

November 2021.

TIL supported the commercial, contractual and asset condition due diligence of the bus assets of a European transport group. Our client was the buy-side, in-coming investor.

TIL was commissioned to carry out a detailed review of the UK rail market, and new government proposals for revised regulation and economic structuring. TIL looked in detail at potential impacts on incentives and asset owners, including the rolling stock leasing landscape and ROSCOs. TIL's clients were a consortium of financial institutions.

TIL is appointed to advise a large freight logistics operator on the commercial and regulatory structure for a franchised start-up urban bus operation in a major city in an emerging market economy. TIL's role is to review contractual documents and provide economic, strategic and negotiation advice for the operator / investor group.

TIL appointed as economic, market and operational advisor to a US bank considering investment in the transition of the UK bus sector from diesel to electric. TIL has provided insight and analysis relating to: regulatory economics, bus operating costs, city and operator transport and commercial policies, residual value risks, electric bus engineering, bus operations, cost modelling, fleet replacement and fiscal regime.

TIL has been appointed to provide operational and economic advice regarding the UK urban transport sector by a leading UK-based infrastructure fund in relation to regulation, markets and capital investment opportunities relating to urban transport electrification.

TIL was appointed to carry out a wide-ranging search and selection process for senior operations management for an international transport operating group. TIL identified a long list of over 150 potential candidates, which was systematically narrowed down for the challenging selection, which required both a willingness to relocate overseas, and significant operational experience and technical skills.

May 2019

TIL has advised an EU-based alternative fund manager on its acquisition of a bus company in Northern Europe.

Working closely with the Fund's strategic and financial advisors, TIL provided insight into:

• Operating costs
• Competitive dynamics
• Regulation
• Financial and operational KPIs
• Overheads
• Due diligence

Holdtrade Atlantico is a green-field rail freight operator that will establish the first commercial rail cargo services in Colombia.

https://envestors.envestry.com/deals/2019

The business was founded by UK-based investors, backed by US rail group Iowa Pacific Holdings and Columbia's biggest logistic provider OPL Carga.

The Company has already secured track access rights, and has pre-committed cargo volumes for a "Dock to Door" multimodal rail/road freight service in Colombia:

• 468 mile corridor using tracks owned by the Colombian government, and recently subject to 120m USD investment upgrades to track and infrastructure
• Services will connect the container port at Santa Marta with La Dorada
• The corridor catchment area represents 90% of Colombian GDP
• Holdtrade Atlantico has secured track access rights for up to 10 trains every two weeks until 2029 (additional capacity can be increased)
• Initial service of 4.5 trains per week
• 50% of initial train capacity already pre-sold to Colombian logistics group OPL Carga
• Rolling stock will be supplied by South African Genrail Pty Ltd
• The Company plans to seek growth capital to commence operations during 2019 via London-based crowd-funding platform "Envestors"

TIL looks forward to working with the Holdtrade Atlantico team to develop the project.

At a glance:

• Route length - 468 miles
• The first commercial cargo rail in Colombia
• Track gauge - 3 feet [914 mm]
• Fleet size Phase 1 = 2 locos + 51 container flat wagons
• Capacity per train - 90 x 40-foot containers
• 50% of initial train capacity already pre-sold to Colombian logistics group OPL Carga.
• Track access agreement - 10 years
• Planned service - 4.5 trains per week Phase 1, right to run up to 22 trains per week
• Track authorities:
  • ANI National Infrastructure Agency (through a subcontractor) - state rail infrastructure company
  • FENOCO railroad and port
• Project investors:
  • Greenwich Railways [UK]
  • OPL Carga [Colombia]
  • Iowa & Pacific [USA]

• TIL was appointed by The European Bank for Reconstruction & Development [EBRD] to advise on emerging best practice for the deployment of battery electric buses and bi-mode trolleybuses in urban public transport. TIL worked with EBRD, UITP and GiZ to organise a seminar for the Bank and its clients in March 2019, and produceda report on the subject on behalf of EBRD, UITP and GiZ.

• TIL has undertaken a range of strategy and market reviews in Hong Kong, China, Vietnam, Singapore and Australia. For more information, please contact our lead partner - Mark Savelli.

• TIL was retained to review the commercial and pricing strategy for this thriving bus business.

• TIL was retained by Busways Australia to assist the Group's bid programme and executive recruitment.

• TIL is retained by Shenzhen to provide strategic assistance to the leading Chinese bus fleet (5,500 buses). The group is a world leader in electric buses.

• TIL's new Asia Pacific practice has completed a successful first year, carrying out a variety of recruitment, strategy and management projects in China, Kuwait, Australia and Africa.

• TIL carried out a Search Assignment, finding Board level advisors for our client to assist the growth of their transport group in the Asia Pacific region.

• Client was a Hedge Fund considering investing in the publicly traded equity of an EU infrastructure asset
• TIL provided overview of the asset, market, cost structure and valuation
• TIL reviewed the competitive position and regulatory risks

• Client was a strategic investor seeking acquisition opportunities in EU bus markets.
• TIL advised on the regulatory and economic factors affecting the market, risks and opportunities
• TIL proposed a set of evaluation criteria which were used to create specific acquisition targets for the investor to explore
• TIL worked alongside the investor's in-house team to progress the opportunities, and to support negotiations and due diligence for the ultimate transactions

• Private equity transaction
• TIL provided market and strategy advice
• TIL took part in the Due Diligence process and management interviews
• Following acquisition, TIL provides on-going operational and strategic advice to the PE owner

• Private equity transaction
• TIL provided strategy advice and market insight
• TIL took part in the Due Diligence process

• Private equity transaction
• TIL provided strategy and market advice
• TIL took part in the due diligence process and management interviews
• TIL conducted detailed bus network reviews for the bidder

• Infrastructure fund transaction
• UK ROSCO
• TIL provided strategic and market advice to the acquiring fund
• TIL carried out detailed market and strategic review, focusing on market growth and the potential for rolling stock cascades and impact on Residual Values (RV)

• TIL provided strategic advice to group CEO
• Sectors included: UK bus, UK rail, US bus

• Strategic review of UK bus operations
• TIL carried out a comprehensive review of the group's UK bus operations
• Profitability
• Return on capital
• Resource utilisation
• Market performance and demographic outlook
• Cost and revenue benchmarking
• KPIs
• Client was CEO of UK transport operator

• Client was MD of UK regional bus operator
• TIL benchmarked and reviewed fare levels and tariff
• TIL developed revised pricing proposal, covering ticket range and prices

• UK regional bus operator
• TIL undertook a detailed benchmarking study of bus and driver efficiency
• We produced detailed analyses of driver inefficiency and prioritised proposals for depot-level improvements

• Private equity transaction
• Market due diligence
• TIL provided market data on the UK rail sector and associated ticket volumes and commissions
• TIL forecast growth rates across the market segments

• David Leeder was appointed to the strategic challenge panel
• The Panel was set up as a group of industry experts to review the direction of the project and the key economic, environmental and operational issues involved

• Public market equity investors
• Client was a UK fund manager considering investment in the listed bus and rail sector

TIL provided detailed market reviews for the UK bus and US bus sectors. The review covered:

• Market size
• Growth trends
• Market share
• Cost and revenue benchmarking

• Distressed debt investment
• Client was a UK distressed debt investor considering investment in toll road
• TIL provided strategic and market insight

• Private equity transaction
• Open top sightseeing bus market
• TIL provided market insight to private equity bidder

• Privatisation transaction
• TIL provided strategic and operational advice to a consortium of infrastructure funds
• TIL advised on bid strategy, technical approach, and revenue and market modelling

• Private equity transaction
• TIL advised a UK based private equity fund seeking to enter the EU bus market
• TIL provided market, operational and strategic advice
• TIL conducted due diligence activities on acquisition targets