Harris Williams & Co., a preeminent middle market investment bank focused on the advisory needs of clients worldwide, announces the sale of a majority interest of A&B Rail Services Ltd. (A&B Rail), a provider of rail maintenance, construction and related services, to a group of investors led by TorQuest Partners (TorQuest), a leading Canadian-based manager of private equity funds. Harris Williams & Co. acted as the exclusive advisor to A&B Rail, a portfolio company of Fulcrum Capital Partners (Fulcrum). The transaction closed on December 12, 2013 and was led by Jason Bass, Joe Conner, Jeff Burkett and Wayne Harrington from Harris Williams & Co.’s Transportation & Logistics (T&L) Group.
“Over the past 48 years, A&B Rail has developed into the leading provider of critical railway infrastructure services in Canada. In partnership with Fulcrum, Paul Brum (President of A&B Rail) has built the best management team, employee base and service platform in the industry and A&B Rail has become the go-to-provider of critical services in one of the fastest growing, most dynamic rail markets in the world,” said Joe Conner, a director in Harris Williams & Co.’s T&L Group. “We appreciate having had the opportunity to help Paul and his team, who remain significant shareholders of the business, find the right partners to continue to build their business and deliver outstanding service to the market.”
“The sale of A&B Rail represents another marquee transaction for our practice in the rail sector, one of our core focus areas, and is evidence of continued interest across the rail industry and, specifically, outsourced rail maintenance services,” added Jason Bass, a managing director and co-head of the firm’s T&L Group. “Favorable market trends, including steady carload growth through increased truck-to-rail conversions, environmental considerations and increased outsourced maintenance, make the rail sector an attractive industry for investors.”
Based in Edmonton, Canada, A&B Rail is a full service railroad company specializing in track construction, railway maintenance, light rail transit and signals and communication. The company was founded in 1965 and has offices across Canada.