Milbank advised Star America Infrastructure Partners, LLC (together with its related persons, Star America) in connection with the acquisition by Cathcart Rail, a joint venture between Star America and Cathcart, Inc., of Appalachian Railcar Services (ARS). The acquisition, which will create one of the largest railcar services companies in North America, was principally funded by Star America through an increased investment in Cathcart Rail. Milbank also advised Star America in its initial investment in Cathcart Rail on September 2, 2020.
The platform formed by Star America and Cathcart, Inc. will acquire and operate freight rail businesses across North America.
“Star America Infrastructure Partners and Cathcart, Inc. are building out a diversified freight rail platform for short-line railroads and railcar repair nationally. We are thrilled to play a role in their ongoing expansion with the full breadth of our coordinated transportation infrastructure, project finance, private equity, M&A, tax, executive compensation and environmental teams,” said Milbank Global Project, Energy and Infrastructure Finance partner Allan Marks.
The Milbank team was led by Mr. Marks and Global Corporate partner John Franchini, along with Global Corporate associates Dan Valenza, Christina Sonageri and Maggie Chou and Global Project, Energy and Infrastructure Finance associates Anya Andreeva and Tom Quirxtner. The team also included Tax partner Max Goodman and associate Archan Hazra, Executive Compensation partner Joel Krasnow and associates James Beebe and Jon Sorger, Litigation & Arbitration of counsel Jane Hanson, Environmental partner Matt Ahrens and Intellectual Property special counsel Nathaniel Browand.
