EQT’s latest global infrastructure fund is acquiring a US railcar repair and maintenance services company from JM Texas Companies.
The investment firm’s EQT Infrastructure VI fund has agreed to acquire Eagle Railcar Services for an unspecified amount.
Eagle Railcar Services, founded in 2001 by Marc and Joe Walraven, has expanded from a single location in Elkhart, Texas, to a network of 13 full-service repair and maintenance facilities across the US. The company provides inspection, repair and maintenance services for railcars, supporting the transportation of both hazardous and non-hazardous materials.
Neha Jatar, managing director within EQT’s infrastructure advisory team, said: “Eagle utilises its network of repair and maintenance facilities to provide regulated and essential services to owners of railcars, facilitating the safe transportation of chemicals and other materials that are critical to the global economy.
“We are excited by the opportunity to partner with Marc and the management team to support Eagle’s network of facilities, employees, and customers in their next phase of growth.”
Marc Walraven, CEO of Eagle Railcar Services, said: “Partnering with EQT marks an exciting new chapter for Eagle. EQT’s deep industry expertise and investment capabilities will help fuel our continued growth, enhance our service offerings, and expand our footprint. Together, we are committed to continuing to deliver superior value to our customers.”
Last week, EQT announced that its latest global infrastructure fund closed above its €20bn target, reaching €21.5bn.
The Eagle Railcar Services transaction is expected to bring EQT Infrastructure VI’s invested capital to 45-50%, including closed and/or signed investments, applicable public offers, and adjustments for anticipated syndication, the manager said.
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