Anchorage Wins Australian Investment Council Mid Cap Investment Award

The Australian Investment Council has awarded Anchorage Capital Partners (ACP) its Mid Cap Investment Award for its investment in Rail First Asset Management (Rail First), Australia’s leading provider of full-service vertically integrated rolling stock leasing and maintenance solutions to the rail industry.

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Accepting the award on behalf of ACP, ACP Managing Partner and Rail First board member Callen O’Brien said: "We are grateful for AIC’s recognition of this successful ACP investment. We would also like to recognise the support from our key advisors on this transaction - Rothschild & Co. as financial advisor, Gilbert + Tobin as legal counsel and PwC as accounting and tax advisor."

Under ACP's ownership, the Company was repositioned to focus on Australia’s growing intermodal sector; new systems and processes were implemented; and material investment was made in assets which have delivered strong, sustainable growth.

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Beau Dixon, ACP Managing Partner and Rail First Chairman said: "Rail First is an excellent example of ACP identifying a complex special situation opportunity early. Prior to ACP's acquisition, Rail First was an underperforming, non-core asset and a highly successful change program was implemented under ACP's ownership. Repositioning Rail First’s strategic direction and fixing the bottom line sustainably has delivered a high performing asset manager with a resilient business model,”

Under ACP ownership, Rail First doubled contracted earnings within three years and materially increased contract tenor, setting the company up for further growth. 

Having delivered it's change program, ACP made the decision to exit Rail First in 2022 and after an extensive global sale process, the successful bidder was a consortium comprising Amber Infrastructure and DIF Capital Partners.

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