TORONTO, Dec. 12, 2013 /CNW/ - TorQuest Partners, in partnership with a
group of co-investors, today announced that it has acquired a majority
interest in A&B Rail Services Ltd., a market-leading national railway
services company based in Edmonton, Alberta. Financial terms of the
transaction were not disclosed.
Founded in 1965, A&B Rail is a leading supplier of railway maintenance,
new track construction, rehabilitation and emergency services on main
and secondary lines. It also provides highly specialized track services
as well as light rail transit (LRT) construction, maintenance, signals
and communication support. A&B Rail has approximately 600 employees and
operations in British Columbia, Alberta, Saskatchewan, Manitoba and
Ontario. For more information about A&B Rail, visit www.abrail.com.
TorQuest and its co-investors acquired the majority interest in A&B Rail
from Fulcrum Capital Partners. A&B Rail's President Paul Brum and all
members of the senior management team will continue to hold a
significant equity interest in the company.
Eric Berke, Managing Partner at TorQuest, said, "A&B Rail has
established a leading position in the critical rail services area. We
look forward to working with Paul and the company's highly experienced
management team to continue its aggressive growth in these markets
A&B Rail will be the second investment of TorQuest Fund III, a $535
million fund that closed in September 2013.
"This is an exciting development for A&B Rail, our employees and
customers", said Mr. Brum. "We are moving forward with a group of
investors that see tremendous opportunity in railway services in North
America. TorQuest brings financial strength, business and governance
expertise, and a commitment to continued profitable growth, both
organically and through acquisitions. They share our vision of A&B Rail
becoming a North American leader in safety, quality and performance by
investing in our people and maintaining a sharp focus on superior
Alan Lever, Partner at TorQuest, said, "There are a number of macro
factors supporting substantial growth in the Canadian rail industry. We
believe A&B Rail is very well positioned to take advantage of this
trend and deliver strong, sustainable growth over the coming years."
TorQuest will augment the company's board of directors with specific
skills and experience in finance, business development (national and
international), Class I rail track and signals, rail construction,
track and signal maintenance, railway operations, general contracting,
engineering and infrastructure development. There will be no changes to
the company's day-to-day operations as a result of this transaction.
About TorQuest Partners
Founded in 2002, TorQuest Partners is a leading Canadian-based manager
of private equity funds. With more than C$1 billion of equity capital
under management TorQuest seeks investments in middle market and later
stage companies with the goal of building value through opportune
acquisitions, strategic leadership and the timely use of financial
expertise. For more information about TorQuest Partners please visit www.torquest.com.
SOURCE: TorQuest Partners
For further information:
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