New Heritage Capital has invested in PowerRail, an Exeter, Pennsylvania-based manufacturer and distributor of aftermarket locomotive parts. Paul Foster, the company’s founder and former CEO, will continue as the chairman of Power Rail’s board of directors. The company was founded in 2003 and serves the global rail industry.

On the transaction, Bret Kuchenbecker, principal at Heritage, said, "Power Rail’s breadth of products, technical capabilities, and reputation for service have made it a trusted leader in the locomotive aftermarket. We are excited to partner with the founder and management team to support the company’s next phase of growth. Through capital and strategic support, we will help management continue to expand Power Rail’s ability to serve its customers." No financial terms were disclosed.