Altus Capital Partners, an investment firm focused on middle market manufacturing companies in the US, has sold Rocla Concrete Tie, based in Denver, Colorado, to German-based rail infrastructure supplier Vossloh Group.
Altus Capital realised an estimated 4.5x return on its equity, made through Altus Capital Partners II in May 2013.
Founded in 1986, Rocla manufactures pre-stressed concrete railroad ties and turnout ties for Class I railroads, commuter passenger operations, transit authorities and industrial operations.
Altus Capital acquired Rocla to participate in the expected need of superior and durable concrete ties that reduce maintenance and prolong rail life.
Altus continued to invest in Rocla’s growth through two add-on acquisitions, two new facilities and plant expansion. This additional investment allowed Rocla to further expand its customer base, product offerings and reach throughout the US and Mexico. Rocla has doubled its revenue since Altus’ acquisition in 2013.
Peter Urquhart, Rocla’s chief executive officer, says: “We have been fortunate to work with Altus Capital Partners in strengthening Rocla’s growth platform over the last three years. Russ Greenberg and his team brought more than just financial resources to the relationship; they worked hand in hand with our management team on both strategy and tactics, demonstrating their commitment to our growth as real partners.”
Russell Greenberg, managing partner of Altus Capital Partners, says: “We want to thank the management team of Rocla under the leadership of Peter Urquhart for building the business in a substantial manner during our ownership. This has been an important investment for Altus and we wish Vossloh much future success with the addition of Rocla Concrete Tie.”
