Harris Williams Advises Appalachian Railcar Services, LLC on its Sale to Cathcart Rail, LLC
December 15 2020 - 11:10AM
Business Wire
Harris Williams, a global investment bank specializing in
M&A advisory services, announces it advised Appalachian Railcar
Services, LLC (ARS), a portfolio company of GenNx360 Capital
Partners (GenNx360), on its sale to Cathcart Rail, LLC (Cathcart)
and its financial partner, Star America Infrastructure Partners,
LLC (together with its related persons, Star America). ARS is one
of the largest railcar repair companies in the U.S., providing a
range of industrial logistics services including certified tank and
freight car repair; various interior and exterior cleaning, coating
and lining services; mobile repair; on-site customer repair
operations; switching operations; and railcar storage. The
transaction was led by Frank Mountcastle, Jeff Burkett and Trey
Balson of the Harris Williams Transportation & Logistics
(T&L) Group.
“ARS CEO Scott Driggers and the rest of the management team have
grown the company into an impressive platform in the railcar repair
services sector,” said Jeff Burkett, a director at Harris Williams.
“We believe ARS is one of the most trusted and reliable railcar
service providers in the country, and we are excited to see how the
company will advance in partnership with Cathcart in the coming
years. The sale of ARS adds to our transportation infrastructure
practice and specifically our rail services experience.”
“ARS is recognized within the rail industry as providing
best-in-class services to a diverse client base,” said Frank
Mountcastle, a managing director at Harris Williams. “There is
strong investor interest in high-quality assets like ARS, and we
believe ARS has found an excellent partner in Cathcart. We look
forward to watching the partnership thrive.”
Scott Driggers, CEO at ARS, said, “Harris Williams’ expertise
advising rail services companies and their familiarity with the
buyer landscape made them the ideal partner for this transaction.
We are grateful for their guidance and believe all parties enjoyed
a tremendous outcome.”
ARS is one of the largest railcar repair companies in the U.S.,
providing a range of industrial logistics services including
certified tank and freight car repair; various interior and
exterior cleaning, coating and lining services; mobile repair;
on-site customer repair operations; switching operations; and
railcar storage. ARS serves numerous Fortune 500 companies across
multiple industries, including agriculture, chemicals,
manufacturing, energy, food processing and logistics throughout the
Midwest, Southeast and mid-Atlantic regions. Founded in 2000 and
headquartered in Eleanor, West Virginia, the company operates under
a management team with over 150 years of industry experience.
GenNx360 is a private equity firm focused on investing in middle
market business services and industrial companies. GenNx360
partners with companies having proven and sustainable business
models in expanding industries, with the objective of implementing
and supporting value-enhancing organic and inorganic initiatives to
accelerate growth, deliver efficiencies and generate strong
financial returns. Target industries include packaging; industrial
machinery and components; logistics and supply chain solutions;
industrial and environmental services; food and agricultural
products and services; infrastructure equipment and services;
specialty chemicals; and aerospace and defense. GenNx360 was
founded in 2006 and is headquartered in New York City.
Cathcart is a diversified freight rail platform operating across
both the services and transportation sectors. Cathcart is currently
in growth mode and actively seeking mechanical partnerships with
short-line railroads and acquisitions of rail and rail-related
businesses. Cathcart was founded in 2015 by the father and son team
of Thomas Cathcart and Casey Cathcart and now employs nearly 800
people across 60 locations in 22 states.
Star America, a subsidiary of Tikehau Capital, a European listed
alternative asset management and investment group with €27.2
billion of assets under management (as at 30 September 2020) and
shareholder equity of €2.8 billion (as at 30 June 2020), is a U.S.
headquartered developer and manager of infrastructure assets in
North America. With an investor base that includes large
institutional investors such as insurance companies and pension
funds, among others, Star America focuses on delivering
infrastructure projects primarily across the transportation,
social, environmental and telecommunications sectors. Star
America’s mission is to become the preferred partner in rebuilding
America’s infrastructure.
Harris Williams, an investment bank specializing in M&A
advisory services, advocates for sellers and buyers of companies
worldwide through critical milestones and provides thoughtful
advice during the lives of their businesses. By collaborating as
one firm across Industry Groups and geographies, the firm helps its
clients achieve outcomes that support their objectives and
strategically create value. Harris Williams is committed to
execution excellence and to building enduring, valued relationships
that are based on mutual trust. Harris Williams is a subsidiary of
the PNC Financial Services Group, Inc. (NYSE: PNC).
The Harris Williams T&L Group serves companies in a broad
range of attractive niches, including automotive and heavy duty
vehicle, transportation equipment, third-party logistics (3PL), and
truck, rail, marine and air transportation. For more information on
the firm’s T&L Group and other recent transactions, visit the
T&L Group’s section of the Harris Williams website.
Harris Williams LLC is a registered broker-dealer and member of
FINRA and SIPC. Harris Williams & Co. Ltd is a private limited
company incorporated under English law with its registered office
at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered
with the Registrar of Companies for England and Wales (registration
number 07078852). Harris Williams & Co. Ltd is authorized and
regulated by the Financial Conduct Authority. Harris Williams &
Co. Corporate Finance Advisors GmbH is registered in the commercial
register of the local court of Frankfurt am Main, Germany, under
HRB 107540. The registered address is Bockenheimer Landstrasse
33-35, 60325 Frankfurt am Main, Germany (email address:
hwgermany@harriswilliams.com). Geschäftsführer/Directors: Jeffery
H. Perkins, Paul Poggi. (VAT No. DE321666994). Harris Williams is a
trade name under which Harris Williams LLC, Harris Williams &
Co. Ltd and Harris Williams & Co. Corporate Finance Advisors
GmbH conduct business.
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