3i-backed Regional Rail acquires Pinsly Railroad’s Florida operations
North American rail infrastructure group Regional Rail has expanded its geographic footprint with the acquisition of Pinsly Railroad Company’s Florida operations.
The 3i-backed operator of railroads and rail-related businesses said it has paid an undisclosed sum to buy Pinsly’s Florida operations which operates 208 miles of track across three short-line railroads.
Pinsly’s Florida operations include the Florida Central Railroad, the Florida Midland Railroad and the Florida Northern Railroad.
Al Sauer, CEO, Regional Rail, said Pinsly’s Florida operations are highly complementary to Regional Rail and expand the company’s geographic footprint.
“The lines have a large and diverse customer base, a strong pipeline of new freight customers and service many highly attractive industrial development sites, all of which provide an exciting growth opportunity.
“We also intend to retain all of the lines’ employees and look forward to supporting and working with the local management team to continue the lines’ impressive growth ”
John Levine, Pinsly Railroad Company CEO, said: “We are delighted to have reached an agreement with Regional Rail and 3i to acquire our Florida operations.
”I have known the Regional Rail management team for many years and believe they will be very good stewards of the culture and team we have created.”
Rob Collins, managing partner, 3i North American Infrastructure, said: “This is an attractive and strategic acquisition for Regional Rail, given the similarities between the businesses.”
Combined, the two companies will operate 21 line segments across four states, with over 355 miles of track, Collins said.
“The US short-line network is attractive to 3i and the combined company will be well-positioned for potential future acquisitions.”