JP Morgan Asset Management’s global transportation group (JPM GTG) has acquired a Danish bus network operator Umove from Cube Infrastructure Managers for an undisclosed sum.
Established in 2013 with its headquarters in Copenhagen, Umove operates a fleet of over 850 buses within Denmark, delivering mobility infrastructure services to public transport authorities through a diversified portfolio of long-term contracts based on availability.
Andrian Dacy, CEO and MD at JP Morgan’s global transportation investment business, said: “We are delighted to invest in a market leader in the Danish commercial electric bus sector.
“JPM GTG intends to work together with Umove management to transition into a fully electric bus fleet and do our part in supporting Denmark’s world leading decarbonisation goals.”
Stephen Wong, managing director at JPM GTG, said: “Umove will benefit significantly from our extensive network in Europe and Asia.
“We see a range of unique opportunities to further enhance Umove’s capability to better serve all public transport authorities in Denmark.”
Stefan Weis, partner at Cube Infrastructure Managers, said: “We take pride in having contributed to Umove’s transformation from challenger to market leader over the last seven years.
“We are confident that Umove’s management team will continue to build upon this success story under JPM GTG’s stewardship.”
Cube sold the asset via its Cube Infrastructure Fund II fund.
Annelise Arboe Sommer, CEO at Umove, said: “Umove will continue to focus on delivering high-quality services to local communities while playing a pivotal role in the transition to zero-emission public transport in Denmark.
“We are thrilled to welcome JPM GTG’s institutional investors as our new owners and continue our growth journey together.”
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