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8/9/2022
Patriot Rail Co. LLC has entered into an agreement to acquire Pioneer Lines Inc. from BRX Transportation Holdings.
A railroad-holding company based in Denver, Pioneer Lines operates 15 short lines in 12 states. If approved by regulators, the acquisition will increase Patriot Rail’s short lines to 31 from 16 and expand its market reach to include customers in Alabama, Arkansas, Georgia, Illinois, Indiana, Iowa, Kansas, Michigan, Mississippi, Ohio, Pennsylvania and Tennessee, Patriot Rail officials said in a press release.
The acquisition will also offer rail users enhanced service options across more U.S. locations, they said.
"Pioneer Lines' safety culture and focus on operational excellence aligns directly with Patriot Rail's vision and mission,” said Patriot Rail CEO John Fenton. “These synergies position us to continue to exceed customer expectations as a best-in-class rail partner to meet their freight shipment and logistics needs."
Patriot Rail expects its expansion to help drive new pathways connecting with U.S. and global markets, Fenton added.
"The transformation of Pioneer into one of the top short line operators in North America is testament to the operational skill and hard work of Alex Yeros and the Pioneer team," said Andrew Right, a Pioneer board member and managing partner of US InfraVest, Pioneer's majority investor.
RBC Capital Markets advised Patriot Rail on the transaction. Winston & Strawn served as legal adviser to Patriot Rail. Northborne Partners LLC served as the exclusive financial adviser to Pioneer Lines and BRX. Fried Frank and Arnold & Porter served as legal advisors to Pioneer Lines and BRX.