CATHCART RAIL ACQUIRES APPALACHIAN RAILCAR SERVICES; STAR AMERICA INCREASES INVESTMENT IN CATHCART RAIL
December 15, 2020
(Roslyn Heights, New York) – Cathcart Rail (Cathcart) has acquired Appalachian Railcar Services (ARS), creating one of the largest railcar services companies in North America. Cathcart, a freight rail services and transportation company, now offers a broad range of services, including freight and tank car contract repair, repair agent services, railcar cleaning, parts, and storage, in-plant switching and repair, transloading, track maintenance, and shortline operations. The acquisition was largely funded by Star America Infrastructure Partners, LLC (together with its related persons, Star America) through an increased investment in Cathcart. The combined company will employ 800 people across 60 locations in 22 states.
“This is a significant milestone in the company’s history,” said Casey Cathcart, Executive Chairman of Cathcart. “Thom and I are excited to welcome the ARS team, and are looking forward to supporting Cathcart’s new Chief Executive Officer, Scott Driggers. Our deepened bench strength and broadened footprint allows Cathcart to better serve its customers across all facets of their rail operations. We have come a long way in under five years and are looking forward to the next five as we continue building a premier, coast-to-coast freight rail platform.”
“We are pleased to support Cathcart’s growth. Transportation is a key sector for Star America and this investment is a solid fit for our strategy,” said Christophe Petit, President of Star America. “Rail services and transportation companies have a tremendous need for capital, both now and in the coming years, and ARS stands out amongst its peers for what the management team has accomplished thus far. Cathcart’s acquisition of ARS will allow Cathcart to provide additional services to its clients and is a significant step in Cathcart’s growth. We are looking forward to ARS becoming a part of Cathcart and continuing to work with Cathcart through the next phase of the company’s expansion, both acquisitive and organic.”
Press contacts:
Cathcart Rail, LLC:
Casey Cathcart, Executive Chairman
+ 1 314 605 8988
casey@tcrailholdings.com
www.tcrailholdings.com
Star America Infrastructure Partners, LLC:
Christophe Petit, President
+ 1 516 882 4100
cpetit@starinfrapartners.com
About Cathcart Rail
About Appalachian Railcar Services
ARS is one of the largest railcar repair companies in the U.S., providing a range of services including certified tank and freight car repair, railcar 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, ARS operates under a management team with over 150 years of industry experience. For more about ARS, visit www.apprailcar.com.
Disclaimer
This document is not an offer of securities for sale or investment advisory services. This document contains general information only and is not intended to represent general or specific investment advice. Past performance is not a reliable indicator of future results and targets are not guaranteed.
Certain statements and forecasted data are based on current expectations, current market and economic conditions, estimates, projections, opinions and beliefs of Tikehau Capital and/or its affiliates. Due to various risks and uncertainties, actual results may differ materially from those reflected or contemplated in such forward-looking statements or in any of the case studies or forecasts. All references to Tikehau Capital’s advisory activities in the US or with respect to US persons relates to Tikehau Capital North America.
FOR INQUIRIES:
Christophe Petit, President
Star America Infrastructure Partners, LLC
Tel: +1 516 882 4100
cpetit@starinfrapartners.com
ABOUT STAR AMERICA
Star America, a subsidiary of Tikehau Capital, a European listed 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 NorthAmerica. 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. As of September 30,2020, Star America has over $700+ million Assets Under Management and our track record includes investments in 15 infrastructure assets, which have a total project cost valued at greater than $5 billion. Star America’s mission is to become the preferred partner in rebuilding America’s infrastructure.
