A new world leader in luxury train travel

Arsenale Group, an Italian group at the forefront of luxury travel experiences, has just announced the acquisition of 100% of Golden Eagle Luxury Trains Ltd. (GELT), a British pioneer in long-distance luxury train travel.

Golden Eagle has been valued at approximately 20x its EBITDA.

The transaction, which is expected to close by the end of the year, includes a payment of 30% in cash and 70% in shares.

Following the transaction, Golden Eagle shareholders will join Arsenale’s capital structure alongside existing partners, including the Bulgari and Rovati families.

Golden Eagle is a heritage brand and a pioneer in the rail cruise sector, having played a key role in the evolution of slow and sustainable tourism.

Headquartered in Manchester, the company operates some of the world’s most iconic rail routes, connecting Paris, Istanbul, and Budapest, with a strong presence in Eastern Europe and Turkey, thanks to flagship destinations such as Cappadocia.

Additional routes extend to Central Asia and will be relaunched in China from 2026.

Tim Littler, Chairman and Founder, alongside his grandson James Masterson, will continue to collaborate with Arsenale Group, ensuring continuity while driving the brand’s international growth through new expansion projects in a booming sector.

This acquisition will enable Golden Eagle to launch a fleet renewal program, supported by Arsenale Group’s industrial capabilities, while accelerating its expansion in Asia.

At the same time, Arsenale will consolidate and expand its global presence, particularly in Eastern Europe, Asia, and along the Silk Road.

The two highly complementary platforms will offer customers a broader range of experiences, whether for short, medium, or long journeys.