HKW exits Workhorse

Hammond Kennedy Whitney & Co has sold Workhorse Rail LLC, a provider of steel castings and forgings for railroads and railcar builders, to Wabtec Corp. No financial terms were disclosed.


Indianapolis, IN – Hammond, Kennedy, Whitney & Company, Inc. (“HKW”) is pleased to announce that on December 14, 2016 it closed on the sale of Workhorse Rail, LLC (“Workhorse” or “Company”). Workhorse provides certified steel castings and forgings, as well as machined, formed, and fabricated metal parts, to leading railroads and railcar builders. Workhorse had been a portfolio company of HKW since 2014.

The buyer is Wabtec Corporation (NYSE: WAB), based out of Wilmerding, Pennsylvania.

Stanley J. Cieslak, CEO of Workhorse, stated, “HKW’s investment philosophy of empowering management has been a great fit for our team. Their collaborative approach and transparent mentality, coupled with HKW’s resources, facilitated our ability to meet our investment objectives. It has been a great partnership.”

“We are very happy to have been a partner with the top-notch team at Workhorse. Their focus on quality and customer service is second to none,” said Michael Foisy, HKW Lead Operations Partner and former Chairman of the Workhorse Board. “We believe the combined resources of Wabtec and Workhorse will continue to strengthen the ability of the Company to deliver a suite of outstanding products to its customers.”

About HKW – HKW is a private equity firm founded in 1903 with offices in Indianapolis and New York. Since 1982, HKW has sponsored 53 platform transactions of lower middle-market companies throughout North America, as well as 56 add-on acquisitions. For further information on HKW, please visit