ITE Rail Fund, which is managed by investment firm ITE Management LP, acquired Carl Icahn-backed American Railcar Industries Inc, an American manufacturer and maintainer of hopper and tanker railcars, headquartered in Saint Charles, Missouri for $1.75bn. With this transaction, Icahn’s investment in ARI has generated a total return of 423%, for a profit of approximately $757.2m. Jim Unger, a Partner of ITE, commented, “As one of ARI’s founders and, formerly, its President and CEO for almost 15 years, I know that ITE can work with this great organization and its people to continue to build and move America’s infrastructure. With its current railcar lease fleet of nearly 14,000 railcars and the foundation of its manufacturing and repair businesses, we are excited about partnering with the ARI team to support continued growth of the business.”