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The Greenbrier Cos. has completed the formation of GBX Leasing, a special-purpose subsidiary that owns and manages a portfolio of leased rail cars built primarily by Greenbrier. GBX Leasing will acquire about $200 million annually of newly built and leased rail cars from Greenbrier. The new subsidiary completed an initial funding of nearly $100 million from a new $300 million non-recourse rail-car warehouse credit facility and intends to be levered by approximately 3-to-1 debt to equity. Leased rail cars will be aggregated to obtain permanent debt financing through the asset-backed securities market. GBX Leasing will be consolidated in Greenbrier's financial statements, and Greenbrier initially will own about 90% of the subsidiary.
STV Inc. has promoted Will Flores to senior vice president. In his new role, he will manage relationships with some of the firm's largest clients, overseeing operations for the transportation and infrastructure practice in New York. Flores joined STV in 2016 and has been instrumental in a number of high-profile projects, including the Metropolitan Transportation Authority's (MTA) Second Avenue Subway Phase 2 project. Meanwhile, STV has earned a national recognition award for exemplary engineering achievement in the American Council of Engineering Cos. 54th annual Engineering Excellence Awards for a multi-bridge replacement project for MTA's Metro-North Railroad in Patterson, New York.
Nesco Holdings Inc., in partnership with an affiliate of Platinum Equity LLC, announced the closing of a previously announced transaction to acquire Custom Truck One Source LP for $1.5 billion. As part of the acquisition, Nesco has changed its names to Custom Truck One Source Inc. With headquarters in Kansas City, Missouri, the company is led by Chief Executive Officer Fred Ross. The leadership team also includes Ryan McMonagle as president and chief operating officer and Brad Meager as chief financial officer.
CloudMoyo's next generation safety and compliance solution has been recognized for its role in driving innovative change within the rail technology industry, winning the Railway Technology Excellence Award in the excellence in safety category. CloudMoyo's solution was recognized for driving "cutting-edge approaches to ensure safety through advanced analytics, cloud technologies and mobile accessibility," according to a company press release. The solution helps railroads comply with federal drug and alcohol testing procedures.