Global investment organization EQT on April 1 reported that the EQT Infrastructure VI fund (EQT) has entered into a definitive agreement to acquire Eastland, Tex.-based Eagle Railcar Services (Eagle), which offers 13 full-service railcar repair and maintenance facilities in Georgia, Indiana, Kansas, Louisiana, Ohio, Pennsylvania, and Texas, plus mobile repair services.
The transaction, subject to customary conditions and approvals, is expected to close in second-quarter 2025, according to EQT; financial terms were not disclosed.
Founded in 2001 by Marc and Joe Walraven, Eagle provides customers in the chemical, agriculture, energy, and industrial manufacturing sectors with railcar inspection, repair, and maintenance services. It has 1,500 employees. In 2019, the company reached an agreement to acquire the assets and personnel of Rescar Companies’ Plant Services Division.
“Railcar maintenance is a highly resilient and growing market segment supported by thematic tailwinds, including increased regulatory and stakeholder scrutiny on safety, and heightened industrial production and nearshoring,” EQT said. “Alongside Marc and the entire Eagle team, EQT aims to solidify the company’s position as a leading, national railcar repair and maintenance facility network, and support its mission to enable the safe transit of essential commodities, reduce emissions through rail transport, and extend the lifespan of railcars.”
According to EQT, it will partner with Eagle’s management team “to position the company for long-term success, leveraging its deep expertise in investing behind North American transportation and logistics assets.”
“Eagle utilizes its network of repair and maintenance facilities to provide regulated and essential services to owners of railcars, facilitating the safe transportation of chemicals and other materials that are critical to the global economy,” commented Neha Jatar, Managing Director in EQT’s Infrastructure Advisory Team. “We are excited by the opportunity to partner with Marc and the management team to support Eagle’s network of facilities, employees, and customers in their next phase of growth.”
“Partnering with EQT marks an exciting new chapter for Eagle,” Eagle CEO Marc Walraven said. “EQT’s deep industry expertise and investment capabilities will help fuel our continued growth, enhance our service offerings, and expand our footprint. Together, we are committed to continuing to deliver superior value to our customers.”
EQT was advised by Paul, Weiss, Rifkind, Wharton & Garrison LLP.
