USA: Patriot Rail has entered into an agreement to acquire BRX Transportation Holdings’ Pioneer Lines, which operates 15 short lines in 12 states.
BRX Transportation Holdings is a partnership of US InfraVest (formerly Related Infrastructure), Brookhaven Rail Partners and Stephens Capital Partners.
Patriot Rail said the acquisition of Denver-based Pioneer Lines would support its growth strategy by increasing its short line portfolio from 16 to 31 and providing access to new markets in Alabama, Arkansas, Georgia, Illinois, Indiana, Iowa, Kansas, Michigan, Mississippi, Ohio, Pennsylvania and Tennessee.
Alex Yeros, President & CEO of Pioneer Lines and principal of Brookhaven Capital Partners, said ‘our team is looking forward to the opportunity to grow with Patriot to provide the improved efficiency and reach of a larger platform, with the personalised care, flexible local service and deep industry expertise that Pioneer is known for.’
Closure of the deal announced on August 8 is subject to regulatory approval.
RBC Capital Markets advised Patriot Rail on the transaction. Winston & Strawn served as legal adviser to Patriot Rail. Northborne Partners served as the exclusive financial adviser to Pioneer Lines and BRX. Fried Frank and Arnold & Porter served as legal advisers to Pioneer Lines and BRX.
Pioneer Lines railways
- Decatur Junction Railway
- Elkhart & Western Railroad
- Fort Smith Railroad
- Georgia Southern Railway
- Gettysburg & Northern Railway
- Indiana Southwestern Railway
- Kendallville Terminal Railway
- Keokuk Junction Railway
- Michigan Southern Railroad
- Mississippi Central Railroad
- Napoleon, Defiance & Western Railway
- Pioneer Industrial Railway
- Ripley & New Albany Railroad
- The Garden City Western Railway
- Vandalia Railroad
