Houlihan Lokey Advises R.E.L.A.M.

Houlihan Lokey is pleased to announce that R.E.L.A.M., Inc., a portfolio company of Paceline Equity Partners, LLC (Paceline) and a leading North American lessor of maintenance-of-way (MOW) and hi-rail equipment, has agreed to be acquired by Basalt Infrastructure Partners LLC (Basalt). The transaction is expected to close by the end of May 2026.

Since Paceline’s initial investment in R.E.L.A.M., which was completed in conjunction with the acquisition of 1435 Rail to collectively form the platform, R.E.L.A.M. has undergone a comprehensive transformation. Through focused execution on organic growth initiatives, fleet modernization, and the completion of two strategic acquisitions alongside the divestiture of noncore operations, R.E.L.A.M. has emerged as the first true pure-play MOW and hi-rail equipment leasing platform.

Headquartered outside Cleveland, Ohio, R.E.L.A.M. operates a fleet of approximately 1,500 specialized rail maintenance assets and serves a diversified blue-chip customer base, including railroads, contractors, and other rail infrastructure operators across North America. The company offers customers preferential access to a comprehensive suite of specialized equipment for recurring, regulatory-driven MOW work.

Founded in 2011, Basalt is an investment advisor to certain infrastructure equity investment funds focusing on middle-market investments in utilities, power, and transport infrastructure primarily in North America and Europe. The funds have invested more than $7 billion across 34 investments and have completed 13 realizations.

Houlihan Lokey served as the exclusive financial advisor to Paceline and R.E.L.A.M., assisting in the marketing, structuring, and negotiating of the transaction. This transaction exemplifies the continued success of Houlihan Lokey’s dedicated coverage of the equipment-as-a-service sector.

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