EQT and Kühne Holding acquire 35 percent stake in Flix SE
Hamburg / Munich — EQT Future and the globally operating Kühne Holding acquire a 35% stake in Flix SE (“Flix” or the “Company”). In addition to a primary investment in Flix, EQT Future and Kühne Holding will acquire shares from existing shareholders in order to build a long-term anchor stake in Flix. The company recorded sales growth of 30% in 2023, reaching EUR 2 billion in total annual sales for the first time. — The closing of the transaction is subject to certain customary conditions and regulatory approvals.
“We are pleased to welcome EQT Future and Kühne Holding as strong and focused investors with a proven track record of sustainable, long-term investment strategies. Their capital and expertise are a great asset to the overall strategic vision of our company. We couldn’t wish for better partners to start the next chapter of the Flix journey,” comments André Schwämmlein, CEO and co-founder of Flix.
“EQT Future supports high-quality, growing companies that have the potential to be leaders in their fields. Flix is the perfect example of this. We are deeply impressed by what André and his team have built. They have developed Flix from a start-up to a clear global market leader operating in 43 countries,” said Andreas Aschenbrenner, Founding Partner and Deputy Head of the EQT Future advisory team.
“For us at EQT, it’s always about providing more than just capital. We are proud to partner with Kühne Holding, one of the leading transportation and logistics investors, and André and his team and look forward to supporting Flix’s strategic growth agenda in the long term. We want to ensure that Flix’s low-carbon solution for long-haul travel reaches even more people around the world, and we believe Flix is well on its way to making a name for itself in the industry and beyond.”
Dominik de Daniel, CEO of Kühne Holding AG, commented: “Flix is driving the next generation of collective transportation. Kühne Holding is proud to support the company as a strategic partner in its next phase of expansion. Over the past few months, we have built up a good relationship with our colleagues at EQT Future. We have great confidence in André Schwämmlein and his team and look forward to supporting the future of Flix in a beneficial partnership.”
Karl Gernandt, CEO of Kühne Holding AG, added: “As one of the largest strategic investors in the transportation and mobility sector, Kühne Holding is now taking a further step into the market for collective bus transport. With Flix’s proven asset-light operating model, we see great synergies with our other investments in the transportation sector. We also want to support the international network’s expansion strategy. We are building on the great success Flix has had in establishing the bus as the leading sustainable mode of transportation — for more than a decade in Europe and now overseas.”
Promoting profitable growth
The investment comes at a time when Flix is continuing to grow strongly and expand strategically.
The company recorded sales growth of 30% in 2023, reaching EUR 2 billion in total annual sales for the first time. This will be achieved with increased profitability and an adjusted EBITDA of EUR 104 million in 2023. The strong momentum enables Flix to achieve strategic goals such as expanding its global presence, transforming the North American bus market and further scaling FlixTrain to respond to the increasing demand for alternative rail services in Germany.
Expansion of global presence
In order to further strengthen its geographical presence, Flix recently entered two of the most important
bus markets worldwide: Chile and India. The company’s global presence now extends to 43 countries worldwide. European expansion is being driven forward with both FlixBus and FlixTrain. FlixBus is significantly expanding its services in Great Britain, Portugal and the Ukraine and has added new services in Norway and Finland. Flix’s clear goal is to achieve market leadership in these markets.
Expansion of business in North America
Flix has been operating in the United States since 2018. In 2021, the company acquired Greyhound Lines, an iconic intercity bus provider, further expanding its reach, including in Canada and Mexico. The transformation and integration of operations into the Flix platform is well underway, which is increasingly reflected in a growing share of “asset-light” assets, driving growth and profitability in the market.
About EQT
EQT is a purpose-driven global investment organization with total assets under management of EUR 242 billion (EUR 132 billion in fee-generating assets under management), operating in two business segments — Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia-Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.
Further information: www.eqtgroup.com
About Flix
Flix aims to transform public transportation by offering sustainable and affordable solutions for long-distance bus and train travel in more than 40 countries on four continents. With its asset-light business model and innovative technology platform, Flix, which was founded in 2013, has quickly become a market leader for long-distance coach travel in Europe. After North America and Turkey, FlixBus, FlixTrain, Kamil Koç and Greyhound are expanding further into South America and India.
Driven by the growing awareness of sustainable travel, Flix aims to become climate-neutral in Europe by 2040 and worldwide by 2050. In order to evaluate its progress within a scientifically recognized framework, Flix has set short-term targets for emissions reduction with the Science Based Targets initiative. While Flix manages the commercial side of the business such as network planning, pricing, operations control, marketing and sales, quality management and continuous product development with a data-driven approach, trusted Flix partners run the day-to-day operations. The innovative combination of Flix’s technology and distribution platform with traditional passenger transportation has turned a European start-up into a leading and globally expanding travel technology company.
Further information: corporate.flixbus.com
About Kühne Holding
Kühne Holding AG, based in Switzerland, comprises the business interests of Klaus-Michael Kühne. With an entrepreneurial focus on investments in the logistics and transportation sector, it holds a majority stake in Kühne+Nagel International AG and is the largest single shareholder in Hapag-Lloyd AG, Deutsche Lufthansa AG and Brenntag SE. In April 2024, Kühne Holding announced the acquisition of the Aenova Group, a global leader in pharmaceutical contract development and manufacturing.