DALLAS (September 10, 2025) – Holland & Knight represented North American Rail Solutions (NARS) on a $770 million multi-currency term loan and revolving credit facilities. The cross-border private credit financing was provided in connection with NARS' acquisition of ZA Construction and refinancing of certain existing indebtedness of NARS, and will provide further liquidity for future acquisitions and working capital. The transaction closed on August 29.
Headquartered in Fort Worth, Texas, NARS operates from more than 45 offices throughout the United States and Canada and provides mission-critical services to its customers that ensure the safety, compliance and operability of onsite railway assets. NARS is backed by DFW Capital Partners, a New York-based private equity investment firm focused on middle-market companies.
Debt finance Partner Arthur Lotz led Holland & Knight's representation of NARS with Associates Amir Saboorian and Ana Carvajal (Financial Services). They were assisted by Partner Merrill Ulmer and Associates Jonathan Gerken, David Rascoe and Nikolai Hood (M&A); and Partner Brandon Bloom and Associate Courtney Wagner (Tax).
More information on the ZA Construction acquisition can be found here.
Holland & Knight's Private Credit Team brings a practical and commercial approach to private credit transactions. The team has the legal acumen and experience to document and negotiate private credit transactions all while framing issues in the context of the transaction and market convention. The 350-plus-lawyer Financial Services Team stands ready to serve with a full complement of skilled colleagues who have extensive regulatory and industry knowledge in numerous sectors that support private credit transactions.