Bernhard Capital Takes Over New York Rail Services Company | Business
Bernhard Capital Partners Management, based in Baton Rouge, has signed an agreement to acquire RailWorks Corp. with a Chicago private equity firm.
New York-based RailWorks provides services to railways and transportation authorities such as construction to maintenance and signal work. Its closest track office to Louisiana is in Beaumont, Texas.
The deal is expected to close by year-end in the fourth quarter for an undisclosed amount.
RailWorks has grown as a business over the past decade, according to the company. Its management team and CEO, Kevin Riddett, are expected to stay on after the deal closes.
“We have long recognized that rail will be an important part of our investment strategy focused on infrastructure services,” said Mark Spender, managing director of Bernhard Capital in a statement.
Bernhard Capital already owns a stake in Lafayette-based general contractor The Lemoine Co. after a deal was struck in 2019. Bernhard Capital’s portfolio companies also include Bernhard LLC at Metairie; Brown and Root in Baton Rouge; Power allied to Baton Rouge; National water infrastructure in Ascension; Atlas technical consultants in Austin, Texas; Bernhard Energy Solutions in Baton Rouge; Charah Solutions in Louisville, Kentucky; Epic piping in Livingston; United Utility in Charlotte, North Carolina; Sustainable Solutions from Green Meadow in Mississippi.
The companies in Bernhard Capital’s global portfolio employ more than 18,000 people.