Turnspire Capital Partners has acquired Hulcher Services, a North American provider of rail infrastructure, maintenance, and field services with 28 service centers across the United States and Mexico.
Hulcher builds, maintains and repairs railroad track, locomotives and railcars across the North American freight network. The company’s customers include all six North American Class I railroads, along with short-line railroads, passenger operators and industrial customers.
Approximately 480 Hulcher employees operate a specialized fleet of more than 3,000 units of purpose-built equipment. The company trains and certifies employees through its national training center in Texas.
Through Hulcher Resources, the company also provides services to industrial and agricultural customers.
Founded in 1966 and headquartered in Denton, Texas, Hulcher’s services include mechanical work, product transfer and load adjustment, and rapid-response derailment and recovery operations. Its industrial offerings include facility management, product recovery and environmental services.
Turnspire plans to invest behind several areas of the business, including expansion of Hulcher’s equipment fleet, additional infrastructure and maintenance capabilities, its commercial program, safety and service quality.
The private equity firm sees continued investment in aging rail infrastructure as a source of demand for Hulcher’s specialized services.
BMO Capital Markets served as financial advisor to Turnspire, while Winston Taylor served as legal counsel. Intrepid Investment Bankers advised Hulcher.
KEY QUOTES:
“Rail is critical to the industrial economy, and for six decades, Hulcher has been a trusted partner to operators, tending to the infrastructure that they simply cannot function without. That is exactly the kind of business Turnspire is built to support: essential, deeply embedded with customers, and powered by a field organization that performs when it matters most. We are proud to partner with the Hulcher team to build on the legacy they have created.”
Abel S. Osorio, Managing Partner At Turnspire Capital Partners
“What stood out throughout the transaction process was the depth of Hulcher’s capabilities and the trust it has earned across the rail network. As customers continue to invest heavily to keep aging infrastructure in service, we intend to build on Hulcher’s foundation by investing in expansion of its equipment fleet, growing its infrastructure and maintenance service lines, strengthening the commercial program, and continuing to put resources behind safety and service quality.”
Ahdiv Nathan, Principal At Turnspire Capital Partners
