Trimaran Capital Partners Acquires Standard Steel.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Trimaran Capital Partners announced today that it has completed the acquisition of Standard Steel, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , 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. "Standard Steel is uniquely positioned within the railcar wheel and axle wheel and axle, simple machine consisting of a wheel mounted rigidly upon an axle or drum of smaller diameter, the wheel and the axle having the same axis. It is fundamentally a form of lever, the center common to both the wheel and the axle corresponding to the industry to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. the continuing strength in the demand for railcars and railcar components," said Jay Bloom, a co-founder and Managing Partner at Trimaran Capital Partners. "We are experienced investors in the railcar industry, having recently exited our successful investment in FreightCar America, and Standard Steel represents an exciting opportunity to enhance that track record." Standard Steel's senior management team, headed by CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. and President Michael Farrell For the Australian cricketer, see . For the American screen actor, see . Michael Farrell (born 1944) is an Irish civil rights activist and former leader of People's Democracy. and COO Tom Reinecke, will continue in their current positions and will be investors in the transaction. Standard Steel produces steel wheels and axles for sale to Class I railroads, freight railcar builders, railcar and locomotive maintenance shops, Amtrak Amtrak, the National Railroad Passenger Corp., authorized to operate virtually all intercity passenger railroad routes in the United States. Amtrak was created by Congress in 1970 in response to more than two decades of continuous operating deficits by privately run , locomotive builders This is a list of the world's locomotive builders by country, and is still a work in progress. The list includes both current and historical builders. Many companies changed names multiple times; the attempt is to give the most recognisable name, generally the one used for the longest 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. The fundamentals driving demand for aftermarket and new railcar components have made the long-term competitive dynamic in North America highly attractive. Strong demand for rail transport services, an aging railcar fleet, inefficient railroad equipment, increased global trade and the diminished ability of trucking companies to compete with railroads will provide sustainable long-term demand for Standard Steel's products. Mark Dalton, Trimaran Managing Director, added, "Standard Steel's management team has an excellent track record of developing customer relationships, improving the profitability of the company and positioning it for future expansion. We look forward to partnering with them to continue the company's long tradition of being a key supplier to one of the country's oldest industries." "We look forward to working with Trimaran to take the company to the next level," said Mr. Farrell. "They have an excellent track record of investing in the railcar industry and their operating experience and relationships with key players will complement our team's capabilities." About Standard Steel 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. About Trimaran Capital Partners Trimaran is a private asset management firm, headquartered in New York, with assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. 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 El Pollo Loco is a fast-food restaurant chain and Mexican grilled chicken franchise. "El Pollo Loco" is Spanish for "The Crazy Chicken". Juan Francisco Ochoa started the restaurant in Guasave, Mexico, in 1975. , 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. |
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