Amergin Rail has announced its purchase of PNC Bank’s railcar portfolio of at least 6,000 railcar units.
Amergin Rail is a division of investment manager Amergin Asset Management (AAM). PNC Bank is a financial services company that also acts as a holding company for a commercial banking subsidiary operating in 27 US states.
AAM will take over as the manager for the 6,000 units that are currently on lease to various rail operators across the USA.
AAM CEO Mark McGreenery explained the shareholder-driven deal: “This acquisition is consistent with our goal of acquiring attractive transportation assets that will deliver stable risk-adjusted returns for our investors.”
Amergin Rail president Ken Roseberry added: “We remain focused on being a valued partner with our lessees and a resource for other companies looking to satisfy their rail equipment needs.”
PNC said it would remain active in the rail and transport sector, including via financing products.
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Frank Pugliese, executive vice-president and head of diversified industries at PNC Bank, said: “PNC remains committed to providing our clients with the capabilities, counsel and financial strategies that they need to further their business objectives, including our continued support for traditional lease and loan rail and transportation financing.”