ST. CHARLES, Mo., Dec. 05, 2018 — ITE Management L.P. (ITE) is pleased to announce that it has closed its acquisition of American Railcar Industries, Inc. (ARI or the Company) (NASDAQ: ARII). In connection with the acquisition, ITE acquires a rail fleet of nearly 14,000 railcars and a best-in-class hopper car and tank car manufacturing and strategic servicing business.
Through its partnerships and relationships, ITE is committed to growing the ARI platform for the long term through supporting the employees and management of ARI in their initiatives to continue to build a better product and a better company, and to supplying its customers with a broad base of products, services, and support.
Jim Unger, a Partner of ITE, commented, “The acquisition of ARI adds substantially to the fleet managed by ITE Management. As one of the larger private railcar owners, our scale will help us maximize value for all of our constituents. The servicing business will help further provide top quality resources for the lease fleet, and with the manufacturing business we can focus on long term growth. As one of ARI’s founders and, formerly, its President and CEO for almost 15 years, I know that ITE can work with this great organization and its people to continue to build and move America’s infrastructure.”
John O’Bryan, President and CEO of ARI, commented, “We are pleased to have ITE as both a partner and an owner. ITE’s focus and expertise on railcars and railcar leasing is an asset to ARI’s business and our vision of providing the very best railcars and service to our customers. ITE values the ARI team and shares our values of excellence, accountability, and teamwork. We are excited to gain a partner that will continue to support ARI’s vision, values and strategic goals.”