New Heritage Capital invests in aftermarket locomotive parts supplier PowerRail

New Heritage Capital invests in aftermarket locomotive parts supplier PowerRail USA: Boston-based private equity firm New Heritage Capital has invested in PowerRail, which provides aftermarket locomotive parts and components as well as remanufacturing and engineering services for the global rail industry. PowerRail is based in Exeter, Pennsylvania, and has distribution and manufacturing facilities across the USA. It supplies components including bearings and journal boxes, electrical rotating parts, engine components, compressors, pumps and motors. The investment announced on August 11 has been structured using Heritage’s Private IPO approach, which preserves operational control for PowerRail’s management team while providing capital for accelerated growth. Terms were not disclosed. ‘PowerRail’s breadth of products, technical capabilities and reputation for service have made it a trusted leader in the locomotive aftermarket’, said Bret Kuchenbecker, Principal at New Heritage Capital. ‘We are excited to partner with the founder and management team to support the company’s next phase of growth. Through capital and strategic support, we will help management continue to expand PowerRail’s ability to serve its customers.’ PowerRail CEO Kevin Wright said ‘with the support of New Heritage, we will be better positioned to scale our operations, expand our product portfolio, pursue strategic acquisitions and continue delivering exceptional value to our customers. Most importantly, our core mission and customer-first approach will remain unchanged.’ PowerRail was founded in 2003 by Paul Foster, who will continue as Chairman. ‘Paul built this company from the ground up and has devoted the past 23 years to its success’, said Wright. ‘Though Paul will no longer serve in an operating role, his counsel and strategic vision will continue to help guide PowerRail in advancing its core mission.’ Subscribe to gain access to all news Already have a subscription? Log in. Choose your subscription Considering a corporate subscription? Contact us to find out more.