Hilco Global Capital Solutions has provided a $60 million first-lien asset-based lending facility to support Turnspire Capital Partners’ acquisition of Hulcher Services, a provider of mission-critical rail infrastructure and industrial services.
The financing gives Turnspire a flexible capital structure for an asset-intensive business serving the North American rail network.
Hulcher is headquartered in Denton, Texas, and operates 28 service centers across the U.S. and Mexico.
The company serves all six North American Class I railroads as well as short-line railroads, passenger rail operators and industrial customers.
Hulcher employs approximately 480 people and operates a specialized fleet of more than 3,000 units of purpose-built equipment.
Its services include mechanical work, product transfer and load adjustment, derailment response and recovery, facility management, product recovery and environmental services.
Founded in 1966, Hulcher has built its platform around rapid-response and mission-critical work across rail and industrial environments.
Hilco Global Capital Solutions structured the facility around Hulcher’s asset base and operating requirements.
Hilco Global is a subsidiary of ORIX Corporation USA and provides advisory and capital solutions across retail, industrial, real estate, manufacturing and intellectual property markets.
Its asset-based lending operation finances both performing and non-performing borrowers for acquisitions, growth, liquidity requirements and turnaround situations.
KEY QUOTE:
“Hulcher’s longstanding customer relationships, specialized fleet and essential role across the North American rail network made this a compelling opportunity. We are pleased to work closely with Turnspire and Hulcher to develop a flexible financing solution that supports the transaction and future growth of the business.”
Dan Rubin, Managing Director at Hilco Global Capital Solutions
