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DFW Capital Partners (“DFW”) announced today that its portfolio company, American Track Services (“ATS”) has completed the acquisition of Universal Rail Systems (“URS”), Canada’s largest provider of railroad infrastructure inspection, maintenance, repair and construction. Headquartered in Edmonton, Alberta, and operating through 12 regional offices throughout Canada, URS is the country’s leader in preventative and emergency services to industrial and Class 1 operators necessary for on-site rail operations to function efficiently, safely and in compliance with federal and local operating regulations. URS also provides safety flagging and ancillary maintenance services to select transit operators in Canada. URS was most recently owned by Canadian buyout firm, Torquest Partners.

DFW originally invested in American Track in late 2021, and previously supported its add-on acquisition of The Railroad Associates Corporation (“TRAC”) in March 2022. For the URS acquisition, DFW provided an additional equity investment from DFW Capital Partners VI, LP (2019 vintage) and a dedicated, affiliated co-investment fund. Combined committed investor capital for these two investment vehicles exceeds $600 million.
With the acquisition of URS, ATS is officially re-branding the combined business as North American Rail Solutions, to better align its messaging and go-to-market strategy as the leading provider of industrial and Class 1 track infrastructure services on the continent.

Attached is North American Rail Solutions’ official press release.

About DFW Capital Partners

DFW Capital Partners is a private equity investment firm focused on lower middle-market companies. With ~$2 billion under management, the firm concentrates on service companies, with an emphasis on outsourced business and industrial support services, and healthcare companies. DFW has established a 20+ year track record of success in both building leading companies and recognizing attractive returns for its investors. DFW is headquartered in Teaneck, New Jersey and maintains an office in Chevy Chase, Maryland. Additional information is available on our website at

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