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DFW Capital Partners (“DFW”) announced today, June 25th, 2024, that its portfolio company North American Rail Solutions (“NARS” or the “Company”) has completed four add-on acquisitions through May 2024. Headquartered in Fort Worth, TX with operations spanning across the US and Canada, NARS is the leading provider of inspection, maintenance, repair and specialized construction services for railroad infrastructure across North America, serving customers in the industrial, short-line, Class-1 and select transit railroad segments.  The Company, through its subsidiaries, acquired West Rail Construction  in February 2024, Condor Signals & Communications in March 2024, and both Strategic Rail and Tri-Innovations in May 2024.

Of the four acquisitions, West Rail and Strategic Rail will operate under NARS’ American subsidiary American Track Services. West Rail, located in Washington, is a leading regional provider of rail maintenance and construction services in the Pacific Northwest United States, with customers in a wide range of industrial industries. Strategic Rail, located in Wisconsin, is a provider of job site organization, maintenance, and cleanup services to Class 1 and industrial railroad operators.  Both US acquisitions filled a specific geographic and service capability need and will be integrated and expanded within the overall American Track operations.  In Canada,  Condor will operate under NARS’ subsidiary Universal Rail Systems. Located in Ontario, Condor is a provider of rail signals & communications services across North America and Canada. Lastly, Tri-Innovations, located in Calgary, is a leading rail engineering company with expertise in designing rail facilities and terminals across a broad range of industrial and Class 1 customer sectors and will operate as a subsidiary under NARS. These acquisitions collectively provide NARS with expanded geographic reach and strategic auxiliary service capabilities, enabling the Company to provide its customers with comprehensive services to rail assets almost anywhere in the US and Canada.

DFW Managing Partner Keith Pennell noted “The NARS team continues to build a unique, high value-add service provider to the North American rail infrastructure market – and with these four strategic acquisitions, has further cemented itself as the leader in end-to-end rail infrastructure design, build, inspection, maintenance and repair.  We continue to believe the long-term positive trends in rail transportation and storage utilization, as well as ageing infrastructure, will provide a strong backdrop against which NARS can grow its service and customer base.”

DFW originally invested in NARS in November 2021 and has since completed six add-on acquisitions and grown the Company to nearly $500MM of revenue, with strong organic growth and margins. The Company continues to seek high service-touch businesses that complement NARS’ customer base and capabilities.

North American Rail Solutions
In 2021, DFW Capital Partners partnered with the management team of American Track through acquisition and established the parent company, North American Rail Solutions. Operating from 25 full-service offices strategically located in the U.S. and Canada, North American Rail Solutions provides mission-critical services to its customers that ensure the safety, compliance, and operability of onsite railway assets. North American Rail Solutions serves a wide range of industries, including manufacturing, petrochemical, mining, agricultural products, food and beverage, basic raw materials, ports, transload facilities, transit, Class 1 and short-line railroads.

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 building leading companies and recognizing attractive returns for its investors. DFW is headquartered in New York, NY and maintains an office in Chevy Chase, MD. Additional information is available on DFW’s website at

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