M&A Deal Summary

Incline Equity Partners and Barings Private Equity Acquire Tangent Rail

On October 22, 2005, private equity firms Incline Equity Partners and Barings Private Equity acquired transportation company Tangent Rail

Acquisition Highlights
  • This is Incline Equity Partners’ 1st and Barings Private Equity’s 1st transaction in the Transportation sector.
  • This is Incline Equity Partners’ 12th and Barings Private Equity’s 2nd transaction in the United States.
  • This is Incline Equity Partners’ 4th and Barings Private Equity’s 1st transaction in Pennsylvania.
Investment Fate
  • Tangent Rail was sold to a publicly-traded strategic buyer in 2010 for 165M USD.

M&A Deal Summary

Date 2005-10-22
Target Tangent Rail
Sector Transportation
Buyer(s) Incline Equity Partners
Barings Private Equity
Deal Type Divestiture

Target

Tangent Rail

Pittsburgh, Pennsylvania, United States
Tangent Rail Corporation provides maintenance of way products and services to Class I railroads, shortline railroads, and owners of industrial truck. Headquartered in Pittsburgh, PA, the company's Wood Products division is a leading manufacturer of treated wood railroad ties, creosote and coal tar products. The company's Rail Services division provides premium rail grinding services, switching and maintenance services, environmentally friendly crosstie disposal services and industrial tie-derived boiler fuel.

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Buyer(S) 2

Buyer

Incline Equity Partners

Pittsburgh, Pennsylvania, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1982
PE ASSETS 5.8B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Incline Equity Partners is a private equity firm focused on lower middle-market growth companies. The Firm targets companies located in the US and Canada with enterprise values ranging from $25 to $750 million. Prospective transaction types include buyouts, minority recapitalizations, and corporate divestitures. Incline Equity Partners was formerly known as PNC Equity Partners. The Firm is based in Pittsburgh.


DEAL STATS #
Overall 12 of 74
Sector: Transportation M&A 1 of 3
Type: Divestiture M&A Deals 6 of 7
State: Pennsylvania M&A 4 of 9
Country: United States M&A 12 of 72
Year: 2005 M&A 5 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-07-01 Mainline Supply Co.

Dayton, Ohio, United States

Mainline Supply Company is the leading wholesale distributors of underground infrastructure products in the Southeast. The company's customer base includes municiaplities, developers and utility contractors involved in residential, commercial and municipal construction projects. Mainline distributes nearly 9,000 SKUs to approximately 1,800 customers through 16 branch locations in seven states in the Southeast and Mid-Atlantic regions. The company is headquartered in Charlotte, North Carolina.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-04-25 The Faucet Queens

Cranbury, New Jersey, United States

The Faucet Queens, Inc. is a marketer and distributor of convenience-oriented home hardware products to the food and drug retail channel. Company provides the broadest line of home hardware products in the industry with 14 product lines and over 650 SKUs, including hand tools, kitchen and bath items, twine, padlocks, paint supplies, automotive items and sewing related items. Faucet Queen serves as the outsourced supply chain management partners for many of the top grocery and drug retail chains throughout the United States and Canada.

Buy -
Buyer

Barings Private Equity

Investor Investor


Category Private Equity Firm
Founded 1991
PE ASSETS 5.7B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Barings Private Equity is the private equity arm of global asset management firm Barings. The Group looks to invest in mezzanine, distressed, and other private equity transactions including secondaries and funds. Sectors of interest include manufacturing, business services, distribution, consumer products, consumer services, food products, packaging, and healthcare. Barings Private Equity was originally established in 1991 and is based in Charlotte, North Carolina.


DEAL STATS #
Overall 2 of 56
Sector: Transportation M&A 1 of 4
Type: Divestiture M&A Deals 1 of 3
State: Pennsylvania M&A 1 of 3
Country: United States M&A 2 of 50
Year: 2005 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-10-04 River Ranch Fresh Food

Salinas, California, United States

River Ranch is the fresh produce processor and distributor of private label salads, spinach and fresh-cut vegetables to the retail, club and food service channels in North America.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-07-21 Milwaukee Gear Co.

Milwaukee, Wisconsin, United States

Milwaukee Gear Company is a manufacturer of highly engineered gearing components for oil and gas applications as well as a wide variety of other commercial and industrial applications.

Buy -