Nordco, a portfolio company of OMERS Private Equity and a provider of equipment, parts and services that ensure the safety, efficiency and function of rail transportation in North America and internationally, has been sold to Greenbriar Equity Group.
Nordco is a designer, manufacturer, and supplier of critical products and services that help maintain the safety and efficiency of rail infrastructure and operations of major North American railroads. Nordco also operates under the names J.E.R. Overhaul, Dapco Industries, Nordco Rail Services and Shuttlewagon. OMERS first invested in Nordco in May 2009 and since that time, Nordco’s revenue has grown over 44%, and the company has continued to strengthen its market position through a number of strategic initiatives, including improving operational efficiencies and new product development. The company was founded in 1926 and is headquartered in Milwaukee (www.nordco.com) (www.dapcondt.com) (www.nordcorail.com) (www.shuttlewagon.com).
Michael Graham, Senior Managing Director and Country Head US, for OMERS Private Equity said, “We are extremely proud of our affiliation with Bruce Boczkiewicz, CEO of Nordco, and his talented management team as we have worked together to drive significant growth through the past several years. OMERS Private Equity’s investment in Nordco is a great example of our approach to working with world class management teams to build industry leading platforms. Our exceptional returns on our two most recent exits, Nordco and USIC (which was sold in June 2013) are further validation of the success of our direct investment program. We wish Bruce and his team continued success.”
“This transaction marks an exciting new chapter for the company. We appreciate the support and partnership OMERS Private Equity offered throughout the life of their investment. We look forward to continuing to grow Nordco with our new partner, Greenbriar,” said Bruce Boczkiewicz, CEO of Nordco.
OMERS Private Equity manages the private equity activities of OMERS, one of Canada’s largest pension funds. The group’s investment strategy includes the active ownership of businesses in North America and Europe. Sectors of interest include manufacturing, financial and business services, industrial and consumer products, transportation, and technology. Investment sizes range from $100 million to $500 million. The firm is located in Toronto with offices in New York and London and has $6 billion of investments under management (www.omerspe.com).
“Nordco has established itself as a leading service provider in the railroad industry, providing critical support to its blue chip customer base,” said Michael Weiss, Director at Greenbriar. “We are excited to be partnering with CEO Bruce Boczkiewicz and his executive team and look forward to further accelerating the company’s growth trajectory organically and through add-on acquisitions.”
Greenbriar Equity Group invests from $50 million to $150 million per transaction in the global transportation industry, including companies in aerospace & defense, automotive, freight & passenger transport, logistics & distribution, and related sectors. The firm manages $2 billion of committed capital and is based in Rye, NY (www.greenbriarequity.com).
“This transaction marks an important milestone in our company’s development. We are eager to work with our new partner Greenbriar, a firm that has a long history of working collaboratively with management teams to add value to its portfolio companies through their industry knowledge and network of relationships,” said Bruce Boczkiewicz, CEO of Nordco.
Hughes Hubbard & Reed acted as legal counsel to Greenbriar. Robert W. Baird & Co. served as financial advisor to Nordco.
© 2013 PEPD • Private Equity’s Leading News Magazine • 8-20-13
