USA: The Greenbrier Companies has acquired Longwood Group’s 10% minority interest in the GBX Leasing wagon leasing joint venture, which was established in February 2021 to provide ‘stable and tax-advantaged’ cash flows to complement more cyclical revenues from Greenbrier’s wagon manufacturing activities.
‘Greenbrier has enjoyed a productive and beneficial relationship with Longwood in the development of our leasing business’, Greenbrier President & CEO Lorie Tekorius said on January 3, thanking Longwood for providing strategic investment guidance and market assistance. ‘The formation of GBXL has plainly and demonstrably expanded Greenbrier’s value proposition for its customers and shareholders.’
Chicago-based Longwood was formed in 2018 to support entities seeking to invest in leased transportation equipment. CEO D Stephen Menzies said GBXL had ‘created tremendous value for Greenbrier shareholders and Longwood’s investors in its first two years’, and had more than doubled the expected investment volume by capitalising on favourable market opportunities and benefiting from lease rate inflation and asset appreciation.