Railway and Industrial Services, Inc.
This eighty-five-year-old Chicago based, family owned railcar repair and rebuilding shop had an impressive history in one of the nations largest railroad hubs.
The company had been negatively impacted by a severe winter and a labor strike in 2017. The resulting decline in sales caused the lender to declare a default and go forward funding was in jeopardy. It quickly became clear that the company was on the verge of losing the ability to properly serve its customers.
Equity Partners HG was retained to explore both a refinancing and marketing the business for sale as a going concern. Following an exhaustive marketing effort, Equity Partners generated both offers to purchase the business and new lenders interested in refinancing the company.
With a variety of viable options on the table, RIS decided to refinance the business with Grand Ridge National Bank. Now armed with its new lender, RIS continues to attract new business as they look forward to the next chapter in their long history.