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Yesterday, asset management firm Trimaran Capital Partners announced it reached an agreement to acquire Standard Steel L.L.C. from Citicorp Mezzanine Partners L.P. The transaction is expected to close by month’s end.

Standard Steel — which, together with predecessors, has been operating since 1795 — produces steel wheels and axles for freight and passenger cars, and locomotives. Customers include Class Is, Amtrak, regional transit authorities, rail-car builders and locomotive maintenance shops. The company operates a manufacturing facility in Burnham, Pa., and employs 590 people.

Standard Steel’s senior management team — including President and Chief Executive Officer Michael Farrell, and Chief Operating Officer Tom Reinecke — are investors in the transaction and will continue to serve in their current positions.

“We are firm believers in the continuing strength in the demand for rail cars and rail-car components,” said Trimaran Capital Partners co-founder and Managing Partner Jay Bloom in a prepared statement.