Appalachian Railcar Services Acquires Progress Rail's Amarillo Repair Facility

Appalachian Railcar Services ("ARS"), a subsidiary wholly owned by Cathcart Rail ("Cathcart"), has acquired the Amarillo railcar repair facility ("Amarillo") from Progress Rail, a Caterpillar company. ARS is one of the largest railcar repair companies in the United States, and this facility complements its existing tank car network consisting of locations in Elk Mills, Maryland; Hinton, West Virginia; Kingsport, Tennessee; and Lynchburg, Virginia. Financing for the transaction was provided by Star America Infrastructure Partners, LLC (together with related parties, "Star America"). Michael Obertop, Chief Commercial Officer of Cathcart, said "The Amarillo location aligns perfectly with ARS's strategy of offering a broad range of services for all railcar types with a national footprint, and provides an opportunity to serve our loyal tank car customers on UP/BNSF" and added "With 12 repair facilities and 600 employees, ARS makes it the industry's leading network." Scott Driggers, Chief Executive Officer of Cathcart, said "ARS will be positioned to deliver unique quality, value and service to its customers with a continuous focus on safety" and concluded "We are investing in our assets and workforce, and will continue to invest in the ARS network to meet our customers' expectations. Our greatest assets are our team members and our customers, and therefore Cathcart is excited to continue its growth strategy in an effort to provide additional opportunities for both." Christophe Petit, President of Star America, stated "The Amarillo location strengthens Cathcart and ARS's national footprint and is another expression of Cathcart's strategy of being a national player to better serve its customers." Driggers added "We thank Progress Rail for working with us on this transaction and look forward to our future. With Progress Rail's support, we are taking steps to ensure a seamless transition to the Amarillo location."