A subsidiary of Italy-based Salcef Group has acquired 90% of the share capital of U.S.-based railway construction and maintenance company Delta Railroad Construction.
Delta, founded in 1957, is managed by the third and fourth generation of the Laurello family, descendants of company founder Cosmo Anthony Laurello. The family will continue to operate the business under the Delta name from the company’s facility in Ashtabula, Ohio, which employs more than 150.
Salcef specializes in the renewal and construction of main line, light rail and rapid transit lines.
Signet Capital Advisors (SCA) served as sell-side advisor to Delta, and examined “a number of potential strategic and private equity buyers, both international and domestic,” SCA said. The sale was initiated in August 2019 and completed on Sept. 15, despite shutdowns and limits on international closures imposed due to COVID-19.
“This is the only time in more than 25 years of experience that I have closed a deal with such limited in-person interaction,” says Mike Paparella, SCA Managing Director. “Under typical circumstances, there would have been three or more additional in-person visits, and the deal would have closed four months sooner. Despite the global pandemic, we were able to leverage the latest technologies to push this transaction forward, and we are proud to have advised our client in making the best long-term decision for their company’s future.”