View all NewsPSC Group, a Portfolio Company of Aurora Capital Partners, Announces Acquisition of Steel Line Rail Services LLC
PASADENA, Texas, May 16, 2023 /PRNewswire/ -- PSC Group ("PSC"), a North American leader in product handling, site logistics, railcar repair and sustainability services for the petrochemical, refining and marine industries, announced today that it has acquired the assets of Steel Line Rail Services LLC ("Steel Line Rail"), a leading provider of mobile railcar repair, inspection and valve maintenance services for the petrochemical, refining, and railcar leasing industries throughout the United States and Mexico.
Steel Line Rail was founded in 2018 as a mobile repair and inspection company in Marshall, Texas. Over the past five years, the company has expanded its service offerings to include mobile railcar repair service across the continental United States, AAR certifications, and an in-house valve shop for repair, testing and certification of tank car valves.
"We are very pleased to welcome the Steel Line Rail team to the PSC family," said PSC CEO Joel Dickerson. "Their 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."
Steel Line Rail's founder and president Micheal Henigan will join PSC's railcar repair leadership team. "A 33-year industry veteran, Micheal has a long history of delivering excellent safety, quality, and customer service in the railcar repair and inspection industry. Since founding Steel Line Rail, Micheal has quickly expanded the business into a trusted partner for railroad operators across the country, and this transaction adds critical new work scopes to our portfolio of repair service offerings, bringing mobile repair, inspection, and valve shop capabilities," said PSC SVP of Corporate Development Houston Haymon.
"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 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."
This marks the fifth acquisition completed by PSC Group since partnering with Aurora in 2019, including Prokar, Inc., Fryoux Tankerman Service, Akrotex Extrusion and Thermoplastics Services, Inc. The company also recently announced the opening of its Advanced Recycling Facility in Baytown, Texas.
ABOUT PSC GROUP
For 71 years, PSC has been committed to safely and efficiently meeting the product handling and site logistics needs of leading companies in the refining, chemical, marine, and rail industries. The company's 4,500+ employees serve at more than 150 refineries, terminals, and chemical plants across the U.S. and Canada, providing expertise in tankering barges, operating terminals and docks, railcar repair and switching, warehousing, and loading/unloading of railcars and trucks with a variety of oil products, plastics, and chemicals. PSC also offers an array of sustainability services to support plastics producers with Operation Clean Sweep compliance and recycling initiatives. For more information about PSC, visit: www.pscgroup.com.
ABOUT STEEL LINE RAIL SERVICES
Steel Line Rail Services is a railcar repair and inspection company that focuses on all aspects of the railroad with a determination of being the best for every client. SLRS has a wide network of professional and knowledgeable railcar inspectors in place to work with clients and manufacturing to drive a quality rail process in the most efficient manner. The company has over 100 years of combined experience in the railroad industry and is primarily comprised of second and third generation railroaders with an operating presence in Texas, Louisiana, Arkansas, and Oklahoma.
ABOUT AURORA CAPITAL PARTNERS
Aurora Capital Partners is a leading Los Angeles-based private equity firm with $5 billion in assets under management. Founded in 1991, the firm invests in middle-market companies with leading market positions, stable industry dynamics, attractive business model characteristics and actionable opportunities for growth in partnership with management. For more information about Aurora Capital Partners, visit: www.auroracap.com.
Media Contacts
PSC Group Media Contact:
Lisa Comeaux, Sr. Communications Manager
Phone: 225-343-8262 ext. 265
Email: lisa.comeaux@pscgroup.com
Aurora Capital Partners Media Contact:
Taylor Ingraham / Harriet Hartman
ASC Advisors
Phone: 203-992-1230
Email: tingraham@ascadvisors.com / hhartman@ascadvisors.com
SOURCE Aurora Capital Partners