Igneo Infrastructure Partners, through its majority-owned Patriot Rail Company, has acquired Pioneer Lines.
US rail services firm Patriot Rail has agreed to acquire Pioneer, an operator of 15 short-line railroads across 12 states, from BRX Transportation.
IPE Real Assets understands that the transaction was valued at “north of $250m” (€245m).
The acquisition will increase Patriot Rail’s short-line operations to 31 and facilitate its expansion into new markets in 12 US states.
“This agreement presents opportunities to deliver more innovative solutions for customers of Patriot Rail and Pioneer Lines,” said John Ma, Patriot board member and head of North America for Igneo Infrastructure Partners.
John E Fenton, Patriot Rail’s CEO, said Patriot Rail expected this expansion to help drive new pathways connecting with US and global markets, boosting economic growth and jobs.
Patriot Rail board chair, Deb Butler, added: “Rail shippers will now have increased service options across a broader national footprint, and the integration of Patriot and Pioneer will further enhance our combined capability as a rail solutions partner dedicated to safety and customer growth.”
Alex Yeros, CEO and president of Pioneer Lines and principal of Brookhaven Capital Partners, said: “Building Pioneer into one of North America’s best-performing and most-respected short-line rail companies could not have been possible without the trust of our customers and our talented team of experts.
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