In addition to its British Rail-era inventory, Angel Trains acquired new rolling stock, such as the Class 390 'Pendolino' electric multiple units (EMUs), which were introduced by Virgin West Coast during the early 2000s.

Following another takeover of the business in 2008, at which point it reportedly held over 40 per cent of the railway rolling stock leasing market in Britain, a major restructuring was undertaken.

[6] Around this time, allegations arose that companies such as Angel Trains had been privatised for sums that were far too small by the British Government, which led to an in-depth investigation being conducted by the National Audit Office in addition to separate reviews by regulators.

[10] Unusually, these trains featured an active tilt system, designed to provide higher passenger comfort while travelling at speed around curves.

[12][13] In June 2008, Angel Trains was acquired by a consortium of Babcock & Brown, AMP Capital, Arcus European Infrastructure Fund and Deutsche Bank at a reported cost of £3.6 billion.

[14][15] Babcock & Brown's head of European infrastructure, Simon Gray, referred to the purchase as "one of the largest acquisitions in Europe in the last few months".

[17][18][19] During 2015, AMP Capital Investors and PSP Investments increased their shareholdings in Angel Trains to 55% and 30% respectively after purchasing the stock formerly owned by Arcus European Infrastructure Fund.

[26][27] In July 2020, Riding Sunbeams formed a consortium that included Angel Trains to power electrified railway lines using 100 per cent renewable energy.