TRM Equity II, a Michigan-based fund managed by TRM Equity, has acquired certain assets of National Railway Equipment Co., a premier provider of locomotive, marine and engine services.
Headquartered in Mount Vernon, Ill., NRE specializes in remanufacturing, rebuilds, repair, modernization and maintenance, with facilities across five other continents.
“NRE has been a global leader in the locomotive industry for decades,” said Jeff Stone, managing director for TRM. “During the last five years, NRE has experienced sudden changes in leadership due to unexpected events while trying to navigate a shifting market environment, record inflation and a snarled global supply chain. This transaction clears the way financially for NRE to unlock its potential and execute on a large and growing backlog of orders.”
Financial terms of the transaction were not disclosed.