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7/3/2024
3i-backed Regional Rail yesterday closed on its acquisition of the Cincinnati Eastern Railroad in Ohio.
The 70-mile short line provides freight-hauling and storage services to customers across a variety of end markets, including aggregates, food and agriculture and paper products, 3i and Regional Rail officials said in a press release.
Financial terms of the acquisition were not disclosed.
The acquisition further expands Regional Rail's Midwest presence, which now includes seven railroads in Ohio, Indiana and Illinois. The acquisition fits the company's strategy of supporting local railroad management as it strives to grow with customers, Class Is and local communities, said Rob Collins, managing partner and head of North American infrastructure for 3i.
"We look forward to providing continued support to Regional Rail for all future opportunities," Collins said.
Cincinnati Eastern Railroad began operations in 2014. Regional Rail is the right partner to help the railroad reach its next stage of growth, said Paul Didelius, the railroad's co-owner and founder, and Chris Whitley, president and co-owner.
Since partnering in July 2019, 3i and Regional Rail have grown the company's holdings from three railroads in the Northeast to 16 freight-railroad operations across North America.