Hilltop Adds to American Track Services
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Hilltop Adds to American Track Services

American Track Services, a portfolio company of Hilltop Private Capital, has acquired Savage Industrial Rail Services, a provider of track inspection, maintenance and repair services, from Savage Enterprises.

Hilltop Private Capital formed American Track Services (ATS) in October 2016 to acquire Ft. Worth, Texas-based American Track Generations and Mulberry, Florida-based C.J. Bridges Railroad Contractor. Both companies were active in the design and construction, inspection, repair, and maintenance of railroad track, predominantly for private users.

Customers of ATS include mines, ports, refineries, manufacturing facilities, warehouses, transload facilities, railcar maintenance, short-line and mainline railroads. PNC Mezzanine Capital and Deerpath Capital Management co-invested with Hilltop on the formation of ATS.

The buy of Savage Industrial Rail Services, with locations in Denver and Salt Lake City, adds to ATS’ seven existing locations in Utah, Wyoming, Texas, Florida, Colorado, and Oklahoma.

Hilltop, with offices in New York City and Los Angeles, was formed in 2016 by managing partners Drew Shea and Kate Lehman. “Safety, quality and timely responses to customer needs are critical to success in this industry,” said Ms. Lehman. “The acquisition of Savage Track Services will expand our geographic footprint and provide ATS with enhanced capabilities and reach for the benefit of new and existing customers alike.”

“The Savage Track Services team has a strong reputation of quality service working for some premier customers in the U.S. refining and manufacturing sectors,” said Thomas Lucario, CEO of ATS. “We are proud to add this group to our team at ATS and look forward to carrying on and expanding that legacy within our organization.”

Hilltop makes control-oriented and significant minority investments from $10 million to $30 million in business and industrial products and services companies, based in the US, that have from $10 million to $150 million and from $3 million to $20 million in EBITDA.

Savage Services provides transportation services including trucking, supply chain management, material handling, logistics, marine transportation, toll processing, trans-loading, and terminal operations to the agriculture, mining, manufacturing, transportation, utilities, and construction industries. The company was founded in 1946 by brothers Kenneth, Neal and Luke Savage and is headquartered near Salt Lake City in Midvale, Utah.

Private Equity Professional | April 29, 2020

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