AcquisitionThe acquisition diversifies the rail business away from its largest customer, with management expecting the combined business to reach ~$200M of annual EBITDA by the end of 2026, post-synergies.
Financial PerformanceRefinancing trims corporate interest and dividends by ~$30M, allowing FIP to PIK the preferred dividend again while the business scales.
ValuationFIP is currently trading at a multiple that suggests potential upside, with valuation based on different segments indicating growth potential.