WILTON, Conn.--(BUSINESS WIRE)--Altus Capital Partners, an investment firm focused on middle market manufacturing companies in the U.S., announced today the sale of Rocla Concrete Tie, Inc., based in Denver, Colorado, to German-based rail infrastructure supplier Vossloh Group. Altus Capital realized an estimated 4.5x return on its equity, made through Altus Capital Partners II, L.P. in May 2013.
Founded in 1986, Rocla manufactures pre-stressed concrete railroad ties and turnout ties for Class I railroads, commuter passenger operations, transit authorities and industrial operations. Altus Capital acquired Rocla to participate in the expected need of superior and durable concrete ties that reduce maintenance and prolong rail life not just within the U.S. railroad industry, but globally.
Altus continued to invest in Rocla’s growth through two add-on acquisitions, two new facilities and plant expansion. This additional investment allowed Rocla to further expand its customer base, product offerings and reach throughout the U.S. and Mexico. The dedication of the management team along with its investments has allowed Rocla to double its revenue since Altus’ acquisition in 2013.
Peter Urquhart, Rocla’s Chief Executive Officer, said, “We have been fortunate to work with Altus Capital Partners in strengthening Rocla’s growth platform over the last three years. Russ Greenberg and his team brought more than just financial resources to the relationship; they worked hand in hand with our management team on both strategy and tactics, demonstrating their commitment to our growth as real partners.”
Russell Greenberg, Managing Partner of Altus Capital Partners, commented, “We want to thank the management team of Rocla under the leadership of Peter Urquhart for building the business in a substantial manner during our ownership. This has been an important investment for Altus and we wish Vossloh much future success with the addition of Rocla Concrete Tie.”
About Altus Capital Partners
Altus Capital Partners is a private equity firm that makes control investments in middle market manufacturing businesses. We believe that our exclusive focus on manufacturing provides us with a unique understanding of the opportunities and challenges faced by companies in the sector. We utilize a patient, thoughtful investment approach and seek to partner with the management teams of our operating companies to achieve growth. With offices in Wilton, CT and Lincolnshire, IL, Altus Capital Partners has completed 15 platform investments and numerous accretive add on acquisitions since 2003. For more information, please visit www.altuscapitalpartners.com.
About Rocla Concrete Tie, Inc.
Rocla is the leading producer of pre-stressed concrete rail ties in the United States. Major customers for its products include Amtrak, Burlington Northern and Union Pacific, as well as other Class I railroads, light rail/transit projects, high-speed corridors and industrial/ports all around the country. Rocla began producing ties in the United States in 1987 and now has North American manufacturing plants in Pueblo, Colorado; Amarillo, Texas; Bear, Delaware; Portsmouth, Ohio; Ft Pierce, Florida; Tucson, Arizona and San Jose Iturbide, Mexico. For more information on Rocla, please visit http://www.roclatie.com/.
