BOCA
RATON, Fla., Sept. 20,
2023 /CNW/ -- 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