ITE Management Acquires Premium Railcar Owner & Lessor, C.K. Industries, Inc. North American Rail Operations

Diversified Portfolio Adds to North American Rail Operations of ITE

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Dec 01, 2021, 06:00 ET

NEW YORK, Dec. 1, 2021 /PRNewswire/ -- ITE Management L.P. ("ITE") has purchased North American railcar and related assets of C.K. Industries. This acquisition directly benefits the breadth and flexibility of ITE's and American Industrial Transport, Inc.'s (AITX) railcar holdings.

With over 40 years' leasing operations, C.K. Industries is an established and proven provider of railcar solutions. Servicing mid-to-long term railcar lease packages, its highly productive, well-maintained leasing fleet offers full-service and net leases which directly complements ITE's existing strategy. C.K. Industries is a private company with leasing affiliates in Europe and North America. ITE acquired the assets in partnership with RESIDCO.

The addition of C.K. Industries marks the second corporate acquisition this year for ITE Management that continues to opportunistically diversify and strengthen its owned and operated railcar operations. In August 2021, in partnership with its owned-affiliate AITX, ITE acquired over 20,000 railcars from The Andersons, Inc.

The terms of the transaction were not disclosed.

ABOUT ITE MANAGEMENT L.P.
ITE Management is an investment firm specializing in transportation and industrial transportation assets and companies, with a critical focus on generating current yields, long-term uncorrelated returns, and positive risk characteristics. ITE Management works directly with operators to build a diversified portfolio across hard asset verticals. Its focused approach maximizes the firm's teams of experts across asset and portfolio management, operating partnerships, data analysis, and risk management. For more information, visit www.itemgmt.com.

SOURCE ITE Management