Investment management firm 3i Group announced this week it has invested in Regional Rail LLC, an owner and operator of short lines in the Mid-Atlantic states.
Regional Rail will represent 3i's third infrastructure investment in North American since 2017, and will serve as the firm's rail infrastructure platform for future investment in the sector, 3i officials said in a press release.
Financial details of the agreement were not disclosed.
"This is an exciting opportunity to partner with an established management team as we seek to put additional capital to work in North American rail infrastructure," said Rob Collins, managing partner of 3i North American Infrastructure. "The North American transportation market is rapidly evolving and Regional Rail is well positioned to benefit from those changes with future acquisitions.”
Formed in 2007, Regional Rail provides freight transportation, car storage and transloading services in New York, Pennsylvania and Delaware across three railroads and more than 155 miles of track.
Last year, Regional Rail moved more than 13,000 carloads serving more than 70 customers in sectors in end-user markets including heating, fuel blending, agriculture, chemicals and metals, 3i officials said.
"We look forward to working with 3i as we continue to focus on servicing our existing customers, growing economic development in our local communities, and expanding into new regional through strategic partnerships and acquisitions," said Regional Rail Chief Executive Officer Al Sauer.
Source: Progressive Railroading Daily News
