M&A Deal Summary

Caterpillar Acquires Progress Rail

On June 19, 2006, Caterpillar acquired machinery company Progress Rail from One Equity Partners for 1.0B USD

Acquisition Highlights
  • This is Caterpillar’s 11th transaction in the Machinery sector.
  • This is Caterpillar’s 3rd largest (disclosed) transaction.
  • This is Caterpillar’s 8th transaction in the United States.
  • This is Caterpillar’s 1st transaction in Alabama.

M&A Deal Summary

Date 2006-06-19
Target Progress Rail
Sector Machinery
Buyer(s) Caterpillar
Sellers(s) One Equity Partners
Deal Type Add-on Acquisition
Deal Value 1.0B USD
Advisor(s) Credit Suisse Investment Banking
Morgan Stanley
J.P. Morgan Securities (Financial)
Morgan Lewis (Legal)

Target

Progress Rail

Albertville, Alabama, United States
Progress Rail is a provider of rail and transit products and services throughout North America.

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Buyer(S) 1

Buyer

Caterpillar

Irving, Texas, United States

Category Company
Founded 1925
Sector Machinery
Employees113,200
Revenue 67.1B USD (2023)
DESCRIPTION
Caterpillar office in Tucson, Arizona.
Caterpillar office in Tucson, Arizona.

Caterpillar is a manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. Caterpillar principally operates through three product segments. These include Resource Industries, Construction Industries, and Energy & Transportation. Caterpillar also provides financing and related services through its Financial Products segment. Caterpillar was incorporated in 1925 and is based in Irving, Texas.


DEAL STATS #
Overall 17 of 38
Sector (Machinery) 11 of 22
Type (Add-on Acquisition) 8 of 27
State (Alabama) 1 of 1
Country (United States) 8 of 18
Year (2006) 1 of 1
Size (of disclosed) 3 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-08-16 Wealdstone Engineering

Rushden, United Kingdom

Wealdstone Engineering Ltd., one of Europe's leading remanufacturers of gasoline and diesel engines. Its business is automotive and industrial based, and Wealdstone has been a specialist OEM remanufacturer since 1965. Wealdstone's largest long-term customers are Ford Europe and the British Ministry of Defence.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-04-23 Eurenov S.A.S.

Chaumont, France

Eurenov S.A.S. (Eurenov), a remanufacturer of engines, transmissions and components for leading European automotive manufacturers. The company offers a variety of products such as remanufactured engines, new and remanufactured transmissions and remanufactured fuel injection pumps to original equipment manufacturer clients.

Buy -

Seller(S) 1

SELLER

One Equity Partners

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2001
PE ASSETS 10.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

One Equity Partners (OEP) is a private equity firm that targets buyout and growth capital investments in North America, Europe, and Asia. OEP prefers to be the lead investor and typically commits $30 to $150 million per transaction. Sectors of interest include industrial products/services, consumer, retail, chemicals, media, communications, and healthcare. One Equity Partners was formed in 2001 and spun out of JP Morgan Chase in 2015. One Equity Partners is based in New York, New York.


DEAL STATS #
Overall 3 of 63
Sector (Machinery) 1 of 1
Type (Add-on Acquisition) 3 of 36
State (Alabama) 1 of 2
Country (United States) 3 of 42
Year (2006) 1 of 1
Size (of disclosed) 6 of 20
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-05-04 Carlson Wagonlit Travel

Diemen, Netherlands

One of the world's largest providers of corporate travel management services, servicing corporations in 120 countries. Combine CWT and Navigant to benefit from increased global scale, cost savings and deep supplier relationships.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-08-23 Travelport

Langley, United Kingdom

Travelport is a developer of a travel commerce platform to provide distribution, technology, payment and other solutions for the global travel and tourism industry. The company facilitates travel commerce by connecting the world’s leading travel providers with online and offline travel buyers in a proprietary business-to-business (B2B) travel marketplace. Travelport was founded in 2006 and is based in Langley, United Kingdom.

Buy $4.3B