Deal closes for St. Charles public company

Deal closes for St. Charles public company
December 6, 2018 Jerry Vallely

This story was originally published in the St. Louis Business Journal on December 6, 2018.

Vince Brennan | St. Louis Business Journal

“ITE Management has completed its purchase of St. Charles-based American Railcar Industries (NASDAQ: ARII) for $1.75 billion.

With the purchase, ITE acquires a rail fleet of nearly 14,000 railcars as well as a best-in-class hopper car, tank car manufacturing and a service business.

“The acquisition of ARI adds substantially to the fleet managed by ITE Management. As one of the larger private railcar owners, our scale will help us maximize value for all of our constituents,” said Jim Unger, a partner at ITE. “The servicing business will help further provide top quality resources for the lease fleet, and with the manufacturing business we can focus on long term growth. As one of ARI’s founders and, formerly, its president and CEO for almost 15 years, I know that ITE can work with this great organization and its people to continue to build and move America’s infrastructure…”

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