New York-based CIT Group says Nacco owns more than 9,500 railcars, and services more than 150 customers in 16 countries.
CIT Senior Vice President and General Manager, Locomotives Dan DiStefano was appointed president of the company, which will market itself as Nacco, A CIT Company. Terms of the transaction were not disclosed.
"Europe has one of the largest freight rail markets in the world and this acquisition supports our efforts to grow our rail leasing business and to be the premier provider of global transportation finance solutions," said Jeff Knittel, president of CIT Transportation & International Finance. "George Cashman, President of CIT Rail, and his team have been studying the European market for a number of years and we are very pleased with this acquisition. It enables us to expand our operating platform outside of North America and offers us a foundation as we look to utilize our best-in-class leasing capabilities throughout Europe."
Said DiStefano, "Nacco is an industry leader that is known for its strong customer relationships. It has built a reputation based on its expertise in the railcar leasing business, a deep understanding of the European market and the ability to meet the needs of its customers. We remain committed to providing Nacco customers with the quality service they have come to expect and will look to build upon its exceptional service and reputation in the marketplace."
Nacco's railcar portfolio consists of tank cars, flat cars, gondolas and hopper cars that service major shippers in the petroleum, chemical and petrochemical industries, as well as those moving fertilizers, minerals, timber, steel, aggregates and agricultural products. Nacco's Paris operations are bolstered by subsidiaries in Hamburg, Germany, and Crewe, United Kingdom.
Deutsche Bank Securities Inc. acted as financial advisor to CIT on this transaction.