Iowa Pacific Holdings acquires Cape Rail (10/23/2012)
10/23/2022Yesterday, Iowa Pacific Holdings L.L.C. announced it acquired a controlling interest in Cape Rail Inc. and its subsidiaries, Massachusetts Coastal Railroad L.L.C. and Cape Cod Central Railroad. The controlling interest will be held in trust until necessary regulatory approvals are obtained from the Surface Transportation Board, Iowa Pacific officials said in a prepared statement.
Cape Rail and its subsidiaries provide freight- and tourist-rail service in eastern Massachusetts, including a "Polar Express" tourist train operated in November and December.
"Access to Iowa Pacific's marketing and equipment resources will substantially enhance Cape Rail's ability to grow both its freight and passenger services," said Chris Podgurski, who will continue to serve as president of Cape Rail. "We are also looking forward to working with CSX Transportation, the Massachusetts secretary of transportation and [Massachusetts Department of Transportation's] rail unit to further develop rail transportation in the state."
Cape Rail has "significant growth potential," said Iowa Pacific President Ed Ellis.
"With the addition of Cape Rail, and the recent startup of operations of our new Santa Cruz and Monterey Bay Railway in California, Iowa Pacific now has a truly coast-to-coast scope," he said.
The Cape Rail acquisition brings Iowa Pacific's holdings to nine railroads that provide freight and/or passenger services in Texas, New Mexico, Colorado, Illinois, Oregon, New York, California and Massachusetts. In addition, the company recently launched a new Pullman sleeping-car service between Chicago and New Orleans.
Source: Progressive Railroading Daily News