Southfield, Mich.-based TRM Equity II (TRM) on May 2 acquired certain assets of National Railway Equipment Co. (NRE), which it said “clears the way financially for NRE to unlock its potential and execute on a large and growing backlog of orders.” With headquarters in Mount Vernon, Ill., NRE provides locomotive, marine and engine services, specializing in manufacturing, rebuilds, repair, modernization and maintenance.
“NRE has been a global leader in the locomotive industry for decades,” said Jeff Stone, Managing Director for TRM, a private-equity firm. “The capabilities and technical talent are broad and deep. During the last five years, NRE has experienced sudden changes in leadership due to unexpected events while trying to navigate a shifting market environment, record inflation and a snarled global supply chain.”
Merritt Becker on June 1, 2022, became CEO of NRE, which had been led since 2020 by its Board of Directors. Steven L. Beal ran the company from 2010 until his passing on July 11, 2020. Beal’s father, Lawrence, founded NRE in 1984; he passed away in 2010. Becker, who served previously at global engine and power generation company Cummins Inc., was “charged with serving OEM and aftermarket customers in the rail and inland waterway sectors, and creatively addressing the challenges the company’s customers face as the industry moves toward new technologies.”
NRE currently employs more than 300 people in its U.S. facilities. On its LinkedIn page, the company reported a month ago that production was wrapping up on a set of two recent builds for a Nigerian customer.