M&A Deal Summary

One Equity Partners Acquires Progress Rail

On March 4, 2005, private equity firm One Equity Partners acquired machinery company Progress Rail from Progress Energy for 405M USD

Acquisition Highlights
  • This is One Equity Partners’ 1st transaction in the Machinery sector.
  • This is One Equity Partners’ 7th largest (disclosed) transaction.
  • This is One Equity Partners’ 7th transaction in the United States.
  • This is One Equity Partners’ 1st transaction in Alabama.
Investment Fate
  • Progress Rail was sold to a publicly-traded strategic buyer in 2006 for 1.0B USD.

M&A Deal Summary
Date 2005-03-04
Target Progress Rail
Sector Machinery
Buyer(s) One Equity Partners
Sellers(s) Progress Energy
Deal Type Divestiture
Deal Value 405M USD

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

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 $300 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 City.

DEAL STATS #
Overall 7 of 131
Sector (Machinery) 1 of 6
Type (Divestiture) 2 of 29
State (Alabama) 1 of 3
Country (United States) 7 of 78
Year (2005) 1 of 6
Size (of disclosed) 7 of 16
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2003-09-15 AbilityOne

Bolingbrook, Illinois, United States

AbilityOne Corp. is a distributor of rehabilitation and assistive device products used to speed recovery, improve mobility and aid independence for injured, aging and physically-challenged adults and children.

Sell $575M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-03-21 Medex

Hilliard, Ohio, United States

Medex, Inc. is a provider of system solutions for critical care medical products.

Sell $925M

Seller(S) 1

SELLER

Progress Energy

Raleigh, North Carolina, United States
Category Company
Founded 1925
Sector Utilities
Employees11,000
DESCRIPTION

Progress Energy is a diversified energy company with more than 24,000 megawatts of generation capacity. Energy also includes non-regulated operations covering merchant generation, energy marketing, natural gas exploration, fuel extraction, rail services and broadband capacity.

DEAL STATS #
Overall 1 of 2
Sector (Machinery) 1 of 1
Type (Divestiture) 1 of 2
State (Alabama) 1 of 1
Country (United States) 1 of 2
Year (2005) 1 of 1
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
1999-08-23 Florida Progress

Raleigh, North Carolina, United States

Florida Progress is a diversified utility holding company. Its principal subsidiary is Florida Power, an electric utility serving 1.3 million customers in Florida. Diversified operations include rail services, marine operations and coal mining.

Buy $5.3B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-01-26 Progress Telecom

St. Petersburg, Florida, United States

Progress Telecom LLC is a regional wholesale network services company.

Sell $137M
Mergr

Product

Company

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