M&A Deal Summary

CN Acquires Iowa Northern Railway

On December 6, 2023, CN acquired transportation company Iowa Northern Railway from Trive Capital and Kilroy Partners

Acquisition Highlights
  • This is CN’s 3rd transaction in the Transportation sector.
  • This is CN’s 2nd transaction in the United States.
  • This is CN’s 1st transaction in Iowa.

M&A Deal Summary
Date 2023-12-06
Target Iowa Northern Railway
Sector Transportation
Buyer(s) CN
Sellers(s) Trive Capital
Kilroy Partners
Deal Type Add-on Acquisition

Target

Iowa Northern Railway

Waterloo, Iowa, United States
Iowa Northern Railway is a short line railroad. The Company operates over 250 miles of rail in northeastern Iowa, with a main line track running from Manly to Cedar Rapids (through Waterloo/Cedar Falls) as well as several branch lines that connect to the main track. The Company provides transportation to customers in agriculture, energy, and manufacturing and offers value-add services to Class I railroads. Iowa Northern Railway was established in 1984 and is based in Waterloo, Iowa.

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Buyer(S) 1

Buyer

CN

Montreal, Quebec, Canada
Category Company
Founded 1919
Sector Transportation
Employees25,179
Revenue 16.8B CAD (2023)
DESCRIPTION
CN terminal in Duluth, Minnesota.
CN terminal in Duluth, Minnesota.

CN is a railway transportation provider serving Canada and the Northern United States. The Company serves approximately 24,000 railroaders transports more than C$250 billion worth of goods annually for a wide range of business sectors, ranging from resource products to manufactured products to consumer goods, across a rail network of approximately 20,000 route-miles spanning Canada and mid-America. CN was founded in 1919 and is based in Montreal, Quebec.

DEAL STATS #
Overall 3 of 3
Sector (Transportation) 3 of 3
Type (Add-on Acquisition) 3 of 3
State (Iowa) 1 of 1
Country (United States) 2 of 2
Year (2023) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-10-30 TransX Group of Companies

Winnipeg, Manitoba, Canada

TransX Group of Companies is a North American transportation company focused on providing transportation and logistics services for businesses of all sizes. TransX was formed in 1963 and is based in Winnipeg, Manitoba.

Buy -

Seller(S) 2

SELLER

Trive Capital

Dallas, Texas, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2012
PE ASSETS 7.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Trive Capital is a hands-on, operationally-focused private equity firm that targets complex or special situations in 'out of favor' but protected market niches. The Firm will consider businesses throughout North America offering differentiated products/services with leading/defensible industry positions. Trive looks to commit $10 to $300 million per investment in businesses generating revenues of $40 million to $1.5 billion. Sectors of interest include automotive, transportation, aerospace/defense, building products, construction, infrastructure, healthcare, manufacturing, industrial, chemicals, distribution, consumer goods, energy services, business services, and communications. Trive Capital was founded in 2012 and is based in Dallas, Texas.

DEAL STATS #
Overall 16 of 17
Sector (Transportation) 2 of 2
Type (Add-on Acquisition) 7 of 8
State (Iowa) 2 of 2
Country (United States) 16 of 16
Year (2023) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-11-01 Avatara

St. Louis, Missouri, United States

Avatara is a specialized service provider that offers small-to-medium sized businesses an off-the-self and cost-efficient all-in-one solution for full IT outsourcing. Utilizing its proprietary CompleteCloud software suite and private cloud capabilities, Avatara is a trusted partner for small-to-medium sized businesses in regulatory- and compliance-intensive industries such as Aerospace & Defense, Healthcare, and Financial Services. Avatara was founded in 2005 and is based in St. Louis, Missouri.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-02-06 Tenpin

Cranfield Bedfordshire, United Kingdom

Tenpin is a bowling alley and family entertainment center operator with centers across the United Kingdom. Tenpin strives to offer its customers a best-in-class experience through a suite of activities including bowling lanes, arcade centers, escape rooms, karaoke, laser tag, billiards, table tennis, and soft play. Tenpin was formed in 2003 and is headquartered in Cranfield Bedfordshire, England.

Buy -
SELLER

Kilroy Partners

Category Private Equity Firm
Founded 2014
Size Small
Type Sector Agnostic
DESCRIPTION

Kilroy Partners is a private investment firm focused on investing in lower middle-market, family-owned businesses, corporate divestitures, and other non-performing or challenged companies. The Firm will consider opportunities throughout North America valued up to $75 million. Sectors of interest include aerospace, defense, niche manufacturing, food, and transportation. Kilroy Partners was formed in 2014 and is headquartered in Boca Raton, Florida.

DEAL STATS #
Overall 1 of 1
Sector (Transportation) 1 of 1
Type (Add-on Acquisition) 1 of 1
State (Iowa) 1 of 1
Country (United States) 1 of 1
Year (2023) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-03-01 AE Tools & Computers

Olathe, Kansas, United States

AE Tools & Computers is a distributor of OEM-level diagnostic tools to the aftermarket car and heavy-duty truck repair markets. The Company’s customers include independent repair shops, auto parts stores, locksmiths, collision centers and used car dealers. AE Tools & Computers was founded in 2005 and is based in Olathe, Kansas.

Buy -
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