Bernhard Capital Partners Management, a services and infrastructure-focused private equity management firm, is to acquire RailWorks Corp (RailWorks), a North American rail infrastructure solutions provider, from Wind Point Partners, a Chicago-based private equity firm.
The transaction is expected to close in the fourth quarter of 2021, subject to customary closing conditions, including receipt of regulatory approvals.
“RailWorks has enjoyed unprecedented growth over the last decade, and we are excited to see that continue with Bernhard Capital’s ownership and expertise,” says Kevin Riddett, RailWorks’ President and CEO. “For RailWorks’ customers, it is business as usual. Our crews will continue to deliver on the high safety and operational standards our customers have come to expect.”
Mark Spender, Managing Director at Bernhard Capital, says: “We are thrilled to add RailWorks to the Bernhard Capital portfolio, and I wish to extend a sincere welcome to the Company’s many talented and dedicated employees. We look forward to supporting the Company as it drives strong growth across its core service areas and continues to support the expanding rail infrastructure needs of North America. We have long recognised that rail would be an important component of our infrastructure services-focused investment strategy, and we are excited to have the opportunity to partner with the leading provider of maintenance and construction services in this space.”
Following the transaction, Kevin Riddett will continue to serve as RailWorks’ President and CEO, and the Company’s executive team will remain unchanged.
JP Morgan and Bank of Montreal will be serving as financing partners in this transaction. Kirkland & Ellis LLP served as legal counsel and Houlihan Lokey provided financial due diligence support to Bernhard Capital.
