On April 18, 2023, American Track Services (“ATS”), a portfolio company of DFW Capital Partners, announced the acquisition of Universal Rail Systems (“URS”) from TorQuest Partners and the creation of the new parent company, North American Rail Solutions. The two existing brands will operate under a consolidated umbrella, with ATS serving customers in the United States and URS serving customers in Canada. Terms of the transaction were not disclosed.

Torys acted as counsel to TorQuest Partners with a team that included Guy Berman and Danielle Kline (corporate/M&A), Andrew Gray (litigation), Tom Zverina (lending), Tom Stevenson (employment) and Jerald Wortsman (tax).

Northborne Partners served as the lead financial advisor to Universal Rail Systems.