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Rail News: M&A

Progress Rail Services sale a done deal

Yesterday, Progress Energy closed the sale of Progress Rail Services Corp. to One Equity Partners L.L.C. (OEP) subsidiaries for $405 million. Progress Energy plans to use sale proceeds to reduce corporate debt.

OEP manages investments for J.P. Morgan Chase & Co., acts as lead investor in management-led buyouts, and provides growth capital financings and corporate divestitures.

Progress Rail Services supplies rail-car parts, maintenance-of-way equipment, and rail and other track materials. The company also provides car repair and scrapping, and metal recycling services.

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More News from 3/29/2005