Bernhard Capital Partners Management will acquire RailWorks Corp., a track construction and maintenance services provider, in fourth-quarter 2021, the private-equity management firm reported on Sept. 30.
The deal is subject to customary closing conditions, including receipt of regulatory approvals, according to Bernhard Capital, which is purchasing New York-based RailWorks from Wind Point Partners, a private equity firm in Chicago. Transaction terms were not disclosed.
RailWorks’ President and CEO Kevin Riddett and the executive team will remain with the company, which comprises PNR Railworks, a track construction, rehabilitation and maintenance company in Canada; LK Comstock, a transit rail systems specialty electrical contractor; and NARSTCO, a manufacturer of steel crossties and turnout crosstie sets that RailWorks acquired in 2018.
“RailWorks has enjoyed unprecedented growth over the past decade, and we are excited to see that continue with Bernhard Capital’s ownership and expertise,” Riddett said. “For RailWorks’ customers, it is business as usual. Our crews will continue to deliver on the high safety and operational standards our customers have come to expect.”
“We are thrilled to add RailWorks to the Bernhard Capital portfolio, and I wish to extend a sincere welcome to the company’s many talented and dedicated employees,” Bernhard Capital Managing Director Mark Spender said. “We look forward to supporting the company as it drives strong growth across its core service areas and continues to support the expanding rail infrastructure needs of North America. We have long recognized that rail would be an important component of our infrastructure services-focused investment strategy, and we are excited to have the opportunity to partner with the leading provider of maintenance and construction services in this space.”