USA: ITE Management affiliate American Industrial Transport has completed its acquisition of 50 000 wagons and activities formerly owned by SMBC Rail Services.
SMBC RS Chief Executive Michael McCarthy has been appointed President of American Industrial Transport, and SMBC RS President Texas Howard has been named Chief Operating Officer.
‘As supply chains continue to become more dynamic, we hear from freight shippers that they want trusted partnerships with full-service leaders’, said McCarthy on December 14. ‘American Industrial Transport’s focus is to work with our customers to meet and exceed their goals, via integrated scale and expertise across railcar leasing, logistics, repair services, and business transparency.’
Acquisition financing was led by Bank of America as administrative agent and supported by Bank of America, Deutsche Bank, Goldman Sachs, Royal Bank of Canada, Sumitomo Mitsui Banking Corp and Citi.
Deutsche Bank Securities served as lead financial adviser, Citi as senior financial adviser and JP Morgan, Goldman Sachs and RBC Capital Markets provided advisory services to ITE Management. Willkie Farr & Gallagher and Vedder Price served as legal advisers.
