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Rail News: M&A
6/11/2008
Rail News: M&A
Patriot Rail adds Louisiana & North West to short-line stable
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Patriot Rail Corp. has its fifth short-line holding sewn up. Yesterday, the company announced it acquired the Louisiana & North West Railroad (LNW).
Last month, Patriot Rail sought Surface Transportation Board approval to acquire control of LNW, which owns and operates a 62.6-mile line between McNeil, Ark., and Gibsland, La., and leases a 6.5-mile line between McNeil and Magnolia, Ark., from Union Pacific Railroad. Incorporated in 1889, LNW interchanges with UP in McNeil and The Kansas City Southern Railway Co. in Gibsland, and handles about 5,000 carloads annually.
"The LNW is an excellent fit with Patriot's strategy of acquiring short-line railroads with a solid customer base and considerable growth potential," said Patriot Rail Chairman, President and Chief Executive Officer Gary Marino in a prepared statement.
Patriot Rail now owns five short lines — including the Tennessee Southern Railroad, Butte, Anaconda & Pacific Railway, Utah Central Railway and Sacramento Valley Railroad — that operate 321 miles of track in seven states.
Last month, Patriot Rail sought Surface Transportation Board approval to acquire control of LNW, which owns and operates a 62.6-mile line between McNeil, Ark., and Gibsland, La., and leases a 6.5-mile line between McNeil and Magnolia, Ark., from Union Pacific Railroad. Incorporated in 1889, LNW interchanges with UP in McNeil and The Kansas City Southern Railway Co. in Gibsland, and handles about 5,000 carloads annually.
"The LNW is an excellent fit with Patriot's strategy of acquiring short-line railroads with a solid customer base and considerable growth potential," said Patriot Rail Chairman, President and Chief Executive Officer Gary Marino in a prepared statement.
Patriot Rail now owns five short lines — including the Tennessee Southern Railroad, Butte, Anaconda & Pacific Railway, Utah Central Railway and Sacramento Valley Railroad — that operate 321 miles of track in seven states.
