Aurora Continues Build of PSC Group
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Aurora Continues Build of PSC Group

The acquisition of Steel Line Rail is the fifth add-on acquisition completed by PSC Group since being acquired by Aurora Capital in 2019

Steel Line Rail is a provider of railcar repair, inspection and valve maintenance services to the petrochemical, refining, and railcar leasing industries.

SOURCE: Steel Line Rail

PSC Group, a portfolio company of Aurora Capital Partners since July 2019, has acquired Steel Line Rail Services.

PSC Group (formerly Petroleum Service Corporation) is a product handling and site logistics services provider to the petrochemical, refining, midstream, and marine transportation sectors. The company’s capabilities include tankering barges, operating docks, switching railcars, handling material packaging and warehousing, and loading and unloading tank cars and tank trucks with a variety of refined fuel products and chemicals.

Source: PSC Group

Tankering services involve the loading, unloading, and handling of liquid cargoes on ships. Tankermen oversee these operations, ensuring proper procedures, safety measures, and documentation. PSC’s operating model uses customers’ facilities and customer equipment. PSC, led by CEO Joel Dickerson, was founded in 1952 and was the nation’s first tankerman service provider. Today, the company has more than 4,300 employees working at more than 125 refineries, terminals, docks, and chemical plants across the US and Canada. The company is headquartered near Houston in Pasadena, Texas.

Steel Line Rail is a provider of railcar repair, inspection and valve maintenance services to the petrochemical, refining, and railcar leasing industries in the United States and Mexico. The company is the mechanical repair agent for railroads located in Texas, Louisiana, Arkansas, and Oklahoma, and the company also provides contracted mechanical repairs in storage yards located in Texas, Louisiana, Arkansas, and Oklahoma.

Steel Line Rail was founded in 2018 by President Micheal Henigan – a 33-year rail industry veteran – and is headquartered 40 miles west of Shreveport, Louisiana, in Marshall, Texas. Post-closing, Mr. Henigan will join PSC’s railcar repair management team.

“From the start of the discussions with PSC’s leadership, I could tell our cultures were aligned and that by working together, we can grow, better serve our customers, and create great career opportunities for our employees,” said Mr. Henigan. “PSC is the right partner for Steel Line Rail, and this is a clear win-win-win for our customers, for Steel Line Rail and for PSC.”

“We are very pleased to welcome the Steel Line Rail team to the PSC family,” said Mr. Dickerson. “The company’s depth of experience, reputation for excellent service, and expanded scope of services and geographic reach will enable us to more effectively meet growing industry needs. We look forward to working with them to deliver safe and efficient mobile railcar repair, inspection, and valve maintenance services across the US, Mexico, and Canada.”

The acquisition of Steel Line Rail is the fifth add-on acquisition completed by PSC Group since being acquired by Aurora Capital in 2019 including Prokar (2021), Fryoux Tankerman Service (2020), Akrotex Extrusion and Recycling (2021) and Thermoplastics Services (2022).

Aurora Capital makes control investments of $50 million to $300 million in industrial, manufacturing, and service-oriented businesses that are valued between $100 million and $500 million. Specific sectors of interest include industrial services and distribution, engineered products, and technology-enabled services. Aurora Capital was founded in 1991 and is headquartered in Los Angeles.

© 2023 Private Equity Professional | May 19, 2023

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