Deal Announcement 01/26: Service Industries

The Deal

The PwC M&A team is pleased to announce the successful sale of the insolvent Helrom GmbH ("Helrom") to Helrom Holding Ltd., a subsidiary of HGR Investors Ltd., and Greenbrier.

Helrom is a pioneering German developer and operator of intermodal transportation. Founded in 2018, Helrom experienced strong revenue growth in the recent years. Due to a lack of financing the company filed for insolvency in July 2025. Attorney at law Thomas Rittmeister (Reimer) was appointed as insolvency administrator of Helrom and initiated a structured, international M&A process which was led by PwC M&A. HRG Investors acquired the shares in the company under the newly established Helrom Holding Limited and provided Helrom with additional capital. Greenbrier also participates in the new structure of Helrom by acquiring major wagon assets.

Roman Noack, CEO and co-founder of Helrom mentioned: “The past months have been a significant challenge for the entire company. It is important that we can now look forward with a financially strengthened foundation and stable structure.”

The sale of Helrom was led by the efforts of the German PwC M&A teams, effectively utilizing the combined expertise in the freight industry and distressed M&A practice. Despite a very complex transaction and situation, PwC was able to keep a fierce competition between several interested investors, from leading international transport and logistic operators to financial investors, until the signing of the transaction on 19 December 2025. The consortium of HRG Investors and Greenbrier finally convinced the creditors with the most attractive offer and strategic concept. The deal was closed on 20 January 2026.

Helrom

Helrom is a rail freight service and technology company based in Frankfurt (Hesse). With its globally patented freight wagon technology, the company enables barrier-free transitions between road and rail in European long-distance logistics—without requiring significant investments in loading terminals and remaining close to the customer.

The company successfully operates several connections using the HELROM Trailer Rail for semi-trailers in various European transport corridors. Helrom is committed to achieving CO₂-neutral freight transport in Europe and the goal of Net Zero Transport.

HRG Investors and Greenbrier

HRG Investors is an experienced investor in the rail and industrial sector based in London, United Kingdom.

Greenbrier is a manufacturer of railroad freight wagons and a provider of leasing services based in Oregon, USA. The company employs ~1,100 people and reportedly generates sales of >€2.9 billion.

Reimer

Reimer is law firm based in Germany, specializing in reorganization and restructuring as well as insolvency administration. With a broad professional set-up with more than 90 experts, the firm has grown to become one of the leading law firms in Germany, offering services in insolvency proceedings, corporate restructuring, and legal advice for businesses facing financial difficulties. Thomas Rittmeister, known for his expertise in insolvency administration and restructuring, plays a key role in handling complex insolvency cases and providing strategic legal advice to clients facing financial difficulties.

PwC

The global PricewaterhouseCoopers network is a worldwide association of independent auditing and consulting companies which together employ more than 365,000 people in 136 countries. Our global network comprises over 2,200 M&A professionals all over the world, realising approx. 400 successful transactions per year. We specialise in a wide range of independent M&A services including advice on acquisitions and disposal, mergers, public takeovers, privatisations as well as structured financing.

PwC M&A German acted as exclusive financial advisor on this transaction. The transaction was led by Timo Klees (Partner), Fabian Dalka (Director), Julius Karp (Senior Manager), Julia Buchheister (Senior Associate), and Frederick Kohlberg (Associate).