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Anchorage Capital sells Rail First for $425m
Rail industry supply company Rail First has been sold to two investment firms for $425 million.
Lauren Croft
Firm: Gilbert + Tobin (Anchorage Capital Partners)
Value: $425 million
Area: Merger and acquisition, corporate
Key players: Corporate advisory partner Peter Cook led the matter from G+T, together with lawyers Ilona Hunnisett, Matthew Coe, and Rebecca Ryan. The corporate team was also supported by specialists throughout the firm.
Deal significance: Rail First operates over 1,300 locomotives and wagons and has two strategically located workshops in Islington (South Australia) and Goulburn (NSW), which service a blue-chip customer base that is primarily focused on the intermodal market. The company was bought by Anchorage in 2019 for $200 million.
Speaking about the transaction, Mr Cook said: “It was a real privilege for our team to advise and work alongside the Anchorage Capital Partners and Rail First teams in relation to the divestment of such a high-quality asset and to assist them in delivering an outstanding result for all involved.”
Lauren Croft
Lauren is a journalist at Lawyers Weekly and graduated with a Bachelor of Journalism from Macleay College. Prior to joining Lawyers Weekly, she worked as a trade journalist for media and travel industry publications and Travel Weekly. Originally born in England, Lauren enjoys trying new bars and restaurants, attending music festivals and travelling. She is also a keen snowboarder and pre-pandemic, spent a season living in a French ski resort.
