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Iowa Pacific Holdings L.L.C. and ECT Group recently reached an agreement under which ECT will transfer its rail holdings to British American Railway Services Ltd., a new company Iowa Pacific established in the United Kingdom.

The holdings include RMS Locotec and its subsidiary Dartmoor Railway CIC. ECT also will transfer to British American Railway its 75 percent interest in Weardale Railway CIC.

RMS Locotec provides spot-hire services, manages shunter and track maintenance services, and provides contracted infrastructure upgrade services; Dartmoor Railway operates a 17-mile freight and passenger line in England; and Weardale Railway owns an 18-mile line in County Durham between Bishop Auckland and Eastgate, and operates passenger services between Wolsingham and Stanhope.

"We believe in the community rail model and look forward to developing freight, tourist and passenger services on the two railways, and to sustained, profitable growth in the services RMS provides," said Ed Ellis, president of Iowa Pacific — which owns and operates six U.S. short lines — in a prepared statement.