Livingstone has advised Rescar Companies (“Rescar” or the “Company”), the country’s premier provider of railcar maintenance services, on the divestiture of its plant assets and operations to Eagle Railcar Services (“Eagle”). Livingstone acted as the exclusive financial advisor to Rescar.
“Coming into this, we knew we needed an advisor willing to go to bat for us. We’ve been in business a long time and wanted to ensure continuity for long-time customers and employees. Livingstone took the time to understand our goals and objectives and worked tirelessly to find the right fit and outcome for all of us,” shared Joseph Schieszler Jr, President & CEO, Rescar.
Founded in Chicago in 1969, Rescar provides best-in-class fleet maintenance services, offering heavy repair, tank car compliance testing, and cleaning and coating applications to clients across the United States. In the five decades since, Rescar expanded operations around the country and completely rebuilt its plants. These investments helped Rescar drive enhanced production and reduced costs for its customers – resulting in an average 22-year tenure among its top customers.
Livingstone constructed a highly targeted and competitive sale process, resulting in the sale of five plants and corresponding operations to Eagle Railcar Services. Livingstone Partner Joseph Greenwood commented, “The Rescar Plant Services Division was an extremely attractive and sought-after asset. Our highly targeted sales process allowed Joe Schieszler Jr. and the Rescar team to maintain focus on running their business while Livingstone executed the process. Ultimately, the outcome was an excellent fit for both Eagle and Rescar.”
Founded in 2001, Eagle is a leading provider of railcar repair and maintenance services. This transaction allows Eagle to accelerate its growth strategy, bringing its network to 10 plant locations and nearly 1,200 full-time personnel.
This is the second transaction completed by Livingstone for Rescar this year. Livingstone Partner Tom Lesch added, “This is a great example of our firm’s ability to serve our clients with a comprehensive suite of both M&A and Debt Advisory services. These are the types of situations for which our firm is built.”