Amergin Asset Management (AAM) announced that Amergin Rail, a portfolio company of certain funds managed by AAM, has acquired PNC Bank's operating railcar portfolio. The purchase included more than 6,000 railcars under management, which are under lease to a variety of companies across the US. PNC will continue to provide traditional financing products and services to the rail and transportation industry.
"This acquisition is consistent with our goal of acquiring attractive transportation assets that will deliver stable risk-adjusted returns for our investors," says Mark McGreenery, CEO of AAM.
"We remain focused on being a valued partner with our lessees and a resource for other companies looking to satisfy their rail equipment needs," says Ken Roseberry, President of Amergin Rail.
Macquarie Capital acted as exclusive financial advisor to AAM, Eversheds Sutherland (US) LLP acted as external M&A and rail leasing legal counsel to AAM and Amergin Rail and Womble Bond Dickenson (US) LLP acted as external rail leasing legal counsel to Amergin Rail in connection with the acquisition.
"PNC remains committed to providing our clients with the capabilities, counsel and financial strategies that they need to further their business objectives, including our continued support for traditional lease and loan rail and transportation financing," says Frank Pugliese, EVP and head of the Diversified Industries Group at PNC Bank.
