Virgin Trains USA LLC (NASDAQ:VTUS) was established in August 2013 under the name of AAF Holdings B LLC. It was renamed Brightline Holdings LLC in March 2018 and changed to its current name in November 2018. Headquartered in Florida, USA Miami, with 322 full-time employees (9/15/2018), the company owns and operates a rapid passenger rail system connecting Florida’s main population centers, and plans to further expand its business in Florida, Las Vegas and other parts of North America.
Virgin Trains USA (VTUS):
Virgin Trains USA LLC owns and operates a rapid passenger rail system connecting Florida’s major population centers, and plans to further expand its business in Florida, Las Vegas and other parts of North America. Virgin Trains USA is the first new major private passenger intercity railway in the United States in more than a century. The company believes that its business represents the new standard for rail travel in North America in the 21st century.
Virgin Trains USA currently operates between Miami and West Palm Beach, which is one of the busiest and crowded areas in the United States. The company has begun construction of the passenger rail system in Florida and intends to further expand its rail service to Tampa, Florida.
Louis Berger estimates that the total potential market for passengers in the Miami-Tampa corridor is approximately 413 million passengers per year. Virgin Trains USA can operate up to 32 trains per day at a speed of 125 miles per hour. The company has stations in the city center and major transportation hubs in Florida.
Virgin Trains USA believes that the company’s passenger rail system provides faster, safer, more environmentally friendly, more reliable, cheaper, more efficient and more enjoyable travel than traveling by car or air.
On September 18, 2018, Virgin Trains USA expanded to the West Coast through the acquisition of DesertXpress Enterprises, LLC and certain related assets (“XpressWest Acquisition”) for US$120 million (about US$60 million of which will be paid in cash). With the acquisition of XpressWest Acquisition, the company has agreed to acquire the right to develop a high-speed rail project in the corridor between Victorville, California and Las Vegas, Nevada, which is expected to receive federal government approval. XpressWest Acquisition provides the company with the opportunity to develop, operate and connect Las Vegas and Southern California through a new passenger rail system. The Las Vegas expansion project will connect one of the most frequently traveled routes in the United States, connecting approximately 13.4 million people living in the Los Angeles metropolitan area and approximately 2.2 million people living in the Las Vegas metropolitan area. This is a US visit One of the most expensive cities. XpressWest Acquisition is expected to be completed in the second quarter of 2019.
On November 16, 2018, the company announced the establishment of a partnership with VEL and changed the company name from “Brightline” to “Virgin Trains USA”. VEL is a global leader in the field of passenger transportation, involving airlines, passenger railways, travel businesses, hotels and cruise industries, and provides approximately 53 million customer services to all its platforms every year. Its brand Virgin enjoys a global reputation, and provides high-quality services and industry-leading customer experience. Through its Virgin Trains (UK) branch, VEL has more than 20 years of experience in operating high-speed passenger trains throughout the United Kingdom. As of the financial year ended March 31, 2018, passengers have traveled more than 38 million times.
Virgin Trains USA (VTUS) investment:
Virgin Trains USA LLC (NASDAQ:VTUS) submitted its IPO prospectus on 11/16/2018 and plans to IPO on Nasdaq on 2/13/2019, with an issue price of $17.00-$19.00, issuing 28.3 million shares, raising 510 million yuan US dollars, Barclays/ JP Morgan/ Morgan Stanley/ BofA Merrill Lynch/ Allen & Company joint underwriting.