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Swedish financial investor EQT and Hamburg logistics billionaire Klaus-Michael Kühne are joining long-distance bus and train operator Flix. Together they will acquire more than 35 percent of the Munich-based company, which was founded in 2012. Pursueas announced by EQT and Flix. Part of this is new equity capital, with EQT Future Fund and Kühne Holding also acquiring shares from other Flix shareholders. “We couldn’t find a better partner to achieve our strategic goals,” said Flix boss and co-founder Andre Schwämmlein. Apparently they are investing 1 billion euros in Flix, which means the company is valued at more than 3 billion euros.
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Flix’s long-awaited IPO is now a thing of the past. Flix had hesitated on its stock market plans several times due to the unfavorable environment for new stock issuance in Germany. “This is the best solution for everyone involved,” said Andreas Aschenbrenner, partner at EQT. “Then you can wait a few more years before going public.” With the addition of EQT and Kühne, they will replace US tech investor General Atlantic as Flix’s largest shareholder. According to people familiar with the matter, they currently hold more than twice as much shares as the second largest shareholder.
Kühne is considered the richest man in Germany
Discussions with EQT were leaked in June, but Kühne has not yet been confirmed as a co-investor. The 87-year-old is considered Germany’s richest man. He is the main shareholder in Swiss freight forwarder Kühne & Nagel and shipping company Hapag-Lloyd, and is the largest shareholder of Lufthansa. Last year, Flix grew by 30% after the COVID-19 pandemic subsided, transporting 81 million passengers in 43 countries with its green buses and Flixtrain trains. Since 2021, Greyhound long-distance buses in the United States have also been owned by Flix. Sales exceeded the 2 billion euro mark for the first time in 2023. The operating result was 104 million euros.
“Flix plays a leading role in the development of the next generation of group passenger transport,” said Dominik de Daniel, boss of Kühne Holding, explaining the commitment. EQT manager Aschenbrenner said the new investors were behind the Flix plans. “Strategically, we are fully aligned with the board of Andre Schwämmlein, and we are enthusiastic about him both professionally and personally.”
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