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Hilltop-backed ATS buys Savage’s track maintenance and repair operations

American Track Services, which is backed by Hilltop Private Capital, has acquired Savage Industrial Rail Services Inc's track inspection, maintenance and repair services.

American Track Services, which is backed by Hilltop Private Capital, has acquired Savage Industrial Rail Services Inc’s track inspection, maintenance and repair services. No financial terms were disclosed.


Hilltop Private Capital (“Hilltop”), a New York-based private equity firm investing in lower middle market companies, with its partners PNC Mezzanine Capital and Deerpath Capital Management today announced the acquisition of the track inspection, maintenance and repair services of Savage Industrial Rail Services, Inc. (“Savage Track Services”), a subsidiary of Salt Lake City, Utah based Savage Enterprises, LLC (“Savage”) by its portfolio company American Track Services (the “Company” or “ATS”). The acquisition continues the growth of one of the nation’s leading providers of a range of rail inspection, maintenance, repair, and design and construction services, primarily to private facilities including industrial, municipal, and logistics sites.

Savage Track Services’ locations in Denver, CO and Salt Lake City, UT will complement ATS’s seven existing locations throughout the southern and western United States.

Thomas Lucario, President and CEO of ATS commented: “The Savage Track Services team has a strong reputation of quality service working for some premier customers in the U.S. refining and manufacturing sectors. We are proud to add this group to our team at ATS and look forward to carrying on and expanding that legacy within our organization.”

“We are thrilled with the experienced professionals, geographic fit, industry diversification and scale this transaction provides ATS,” said Drew Shea, Managing Partner at Hilltop. Kate Lehman, Managing Partner at Hilltop added, “Safety, quality and timely responses to customer needs are critical to success in this industry. The acquisition of Savage Track Services will expand our geographic footprint and provide ATS with enhanced capabilities and reach for the benefit of new and existing customers alike.”

About Hilltop Private Capital
Hilltop Private Capital is a private equity firm focused on making control-oriented and significant minority investments in business and industrial products and services companies in the lower middle market. Hilltop is dedicated to bringing tailored operational resources, flexible transaction structures, and long-term value creation to its portfolio companies. The firm’s strategy is to take a hands-on approach to investing and to build collaborative relationships with managers of businesses at a growth or ownership inflection point. Hilltop was founded in 2016 and has offices in New York City and Los Angeles. For more information, visit

About American Track Services
Headquartered in Fort Worth, TX, American Track was formed in 2016 to create a national provider of safe, reliable, and high-quality track maintenance and construction services. ATS now operates eight locations across the southern and western United States and provides rail inspection, repair, maintenance, design and construction services to a diverse set of customers. The Company’s client base includes essential mines, ports, refineries, manufacturing facilities, warehouses, transload facilities, railcar maintenance, short-line and mainline railroads. For more information about the Company’s locations and services, please visit