Trimaran Capital Partners announced today that it has completed the acquisition of Standard Steel, LLC, the nation's leading integrated manufacturer of steel wheels and axles for use in freight railcars, locomotives and passenger railcars, from Citicorp Mezzanine Partners L.P. and certain members of management. Terms were not disclosed.
Trimaran was also a lead investor in FreightCar America, Inc., a leading manufacturer of railcars, as well as one of Standard's largest customers.
INFO SOURCES
Trimaran Capital Partners
FIRMS
Standard Steel, Inc. is the nation's leading integrated manufacturer of steel wheels and axles for use in freight railcars, locomotives and passenger railcars. The company's customers include Class I railroads, freight railcar builders, railcar and locomotive maintenance shops, Amtrak, locomotive builders and regional transit authorities, among others. The company, together with its predecessors, has been operating since 1795 and has its manufacturing facility in Burnham, PA.
With approximately 590 employees, Standard Steel generated over $147 million in revenue in 2005.
Trimaran Capital Partners is a private asset management firm, headquartered in New York, with assets under management and committed capital in excess of $3 billion. Since 1995, Trimaran has completed 61 private equity investments totaling over $1.5 billion of equity capital. Trimaran partners with outstanding management teams with the objective of creating long-term value. Trimaran's portfolio companies include: El Pollo Loco, a leading quick-service restaurant chain; International Transmission Company, an independently owned-and-operated electric transmission company; and Reddy Ice Group, Inc., the nation's largest manufacturer of packaged ice. Trimaran was also a lead investor in FreightCar America, Inc., a leading manufacturer of railcars, as well as one of Standard's largest customers.
BOARD / MANAGEMENT
Standard Steel's senior management team, headed by CEO and President Michael Farrell and COO Tom Reinecke, will continue in their current positions and will be investors in the transaction.
PEOPLE
Jay Bloom, a co-founder and Managing Partner at Trimaran Capital Partners
Mark Dalton, Trimaran Managing Director
LINKED TO
Standard Steel, LLC is Linked to: Citicorp Mezzanine Partners L.P.; Farrell & Co.
June 27, 2002 | Freedom Forge bankruptcy court ... sale approved.
ADVISORS
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