Bernhard Capital Partners, a prominent private equity investment firm specializing in services and infrastructure, has officially announced the completion of its acquisition of RailWorks, the leading provider of rail infrastructure solutions in North America. This strategic move marks a significant expansion of Bernhard Capital Partners’ portfolio and underscores its commitment to investing in critical infrastructure sectors.
The acquisition, initially revealed in September, brings together Bernhard Capital Partners’ deep expertise in infrastructure investment with RailWorks’ established leadership in the North American rail industry. RailWorks, known for its comprehensive suite of services including construction and maintenance, operates under well-respected brands such as L.K. Comstock, RailWorks itself, PNR RailWorks (Canada), and NARSTCO (Steel Ties). This acquisition positions Bernhard Capital Partners to capitalize on the growing demand for robust and efficient rail infrastructure across the continent.
Kevin Riddett, President and CEO of RailWorks, expressed enthusiasm about the partnership, stating, “Combining Bernhard Capital Partners’ infrastructure investment acumen with RailWorks’ industry leadership creates a powerful synergy. We are dedicated to continuing our support for our valued customers in the expanding North American rail infrastructure market. We are confident that Bernhard Capital’s expertise will significantly contribute to our ongoing efforts and future growth.” The leadership continuity is a key aspect of this transition, with Riddett remaining as President and CEO, and the existing executive team staying intact.
Jim Bernhard, a partner at Bernhard Capital Partners, highlighted the strategic rationale behind the acquisition. “We are excited about the future prospects with RailWorks and are eager to support their best-in-class rail infrastructure solutions. Our investment in RailWorks represents a compelling opportunity to collaborate with the foremost provider of maintenance and construction services in the rail sector. This acquisition is particularly timely, aligning perfectly with the recent passage of the Infrastructure Investment and Jobs bill, which is set to inject substantial investment into infrastructure development.”
The financial aspects of the transaction involved J.P. Morgan and Bank of Montreal as financing partners. Legal counsel was provided by Kirkland & Ellis LLP, and Houlihan Lokey offered financial due diligence support to Bernhard Capital Partners.
About Bernhard Capital Partners
Established in 2013, Bernhard Capital Partners is a services and infrastructure-focused private equity management firm with a strong track record of value creation. With approximately $2.5 billion in gross assets under management across three funds and five strategies, Bernhard Capital Partners is recognized among the top 300 largest private equity firms globally by Private Equity International. The firm specializes in acquiring, operating, and growing services and infrastructure businesses, leveraging its extensive experience to foster sustainable value and drive growth in its portfolio companies. This acquisition of RailWorks further solidifies Bernhard Capital Partners’ position as a key player in the infrastructure investment landscape.
