Amergin Rail Acquires PNC Bank’s Railcar Portfolio
Written by Carolina Worrell, Senior Editor
Image Courtesy of Amergin Rail
Amergin Asset Management (AAM) on Sept. 20 announced that its portfolio company Amergin Rail has acquired PNC Bank’s operating railcar portfolio, including the purchase of more than 6,000 railcars under management, which are under lease to a variety of companies across the U.S.
PNC will continue to provide traditional financing products and services to the rail and transportation industry.
“This acquisition is consistent with our goal of acquiring attractive transportation assets that will deliver stable risk-adjusted returns for our investors,” said AAM CEO Mark McGreenery.
“We remain focused on being a valued partner with our lessees and a resource for other companies looking to satisfy their rail equipment needs,” said Amergin Rail President Ken Roseberry.
Macquarie Capital acted as exclusive financial advisor to AAM; Eversheds Sutherland (US) LLP acted as external M&A and rail leasing legal counsel to AAM and Amergin Rail; and Womble Bond Dickenson (US) LLP acted as external rail leasing legal counsel to Amergin Rail in connection with the acquisition.
“PNC remains committed to providing our clients with the capabilities, counsel and financial strategies that they need to further their business objectives, including our continued support for traditional lease and loan rail and transportation financing,” said PNC Bank EVP and Head of the Diversified Industries Group Frank Pugliese.
