Universal Rail provides track maintenance/repair, construction and emergency services, as well as signals, communications and ancillary rail services to Class 1, industrial and transit customers. We had been looking for a platform investment in the rail space – specifically the service side of the industry – for 10 years, and the relationships we had built led to TorQuest's initial investment in this Canadian rail industry leader in 2013. We saw real potential in its exceptional management team, unique service offering, competitive barriers to entry, strong record of performance and customer loyalty. Since the initial investment, TorQuest has helped recruit additional talent to the management team and identified a number of attractive growth levers via organic and acquisitive strategies. Universal Rail was sold in April 2023.