AMERGIN ASSET MANAGEMENT ANNOUNCES ACQUISITION OF MORE THAN 6,000 RAILCARS FROM PNC BANK
BOCA RATON, Fla., Sept. 20, 2023 /PRNewswire/ -- Amergin Asset Management (AAM) today 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," said 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," said 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," said Frank Pugliese, EVP and head of the Diversified Industries Group at PNC Bank.
For additional information on Amergin's operating rail or other financial solutions, please visit www.amerginam.com.
About Amergin Asset Management
Amergin Asset Management (AAM) is a Registered Investment Advisor and specialized private fund manager focused on investing in transportation and other equipment assets. AAM's founding investors are certain business development companies managed by affiliates of Blue Owl Capital Inc. (NYSE: OWL), an industry-leading investment manager. AAM has a seasoned management team that has worked together in several predecessor companies through many business cycles and is dedicated to providing attractive returns for investors and quality asset management to our lessees.
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SOURCE Amergin Asset Management
