Hughes Hubbard & Reed LLP represented Greenbriar Equity Group and Nordco in the transaction.
Wabtec signed an agreement to purchase Nordco for $400 million in cash, financed through cash on hand and a revolving credit facility, from Greenbriar Equity Group. The acquisition is a strategic addition for Wabtec as it is projected to deliver over $10 million in cost synergies over the next three years.
Greenbriar, located in Rye, New York, is a private equity firm focused on investing in the global transportation industry. It that has managed over $6 billion of total committed capital across five investment funds since 2001.
Founded in 1926, Nordco has provided the railroad industry with innovative products and services, including today’s ultrasonic rail flaw detection and mobile railcar movers. Headquartered in Oak Creek, Wis., Nordco employs approximately 400 people and operates out of several facilities across the U.S.
Formed in 1999 via the merger of Westinghouse Air Brake Company and MotivePower Industries Corp., Wabtec is a leading global provider of equipment, systems, digital solutions and value-added services for the freight and transit rail sectors. The company has approximately 27,000 employees in facilities throughout the world.
Baird served as financial advisor to Nordco.
The HHR team was led by Chuck Samuelson and also included Robert Bell (Picture), Andy Braiterman, Spencer Harrison, Patrice Jean, M. Shams Billah, Erin DeCecchis, Carol Remy, Justin Cohen, Ashley Hamilton and Andrew Herman.
Involved fees earner: Ashley Hamilton – Hughes & Hughes Abogados; Robert Bell – Hughes Hubbard & Reed; Shams Billah – Hughes Hubbard & Reed; Andy Braiterman – Hughes Hubbard & Reed; Justin Cohen – Hughes Hubbard & Reed; Erin DeCecchis – Hughes Hubbard & Reed; Spencer Harrison – Hughes Hubbard & Reed; Andrew Herman – Hughes Hubbard & Reed; Patrice Jean – Hughes Hubbard & Reed; Carol Remy – Hughes Hubbard & Reed; Charles Samuelson – Hughes Hubbard & Reed;