The US-based Regional Rail has agreed to buy Carolina Coastal Railway after receiving approval from the Surface Transportation Board.
It has not divulged any financial details of the agreement.
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The company operates short line railways and rail-related businesses in the US. It is responsible for six railway and 360 miles of track linking into a Class 1 railway network.
Carolina Coastal Railway serves as the operator of a freight railway. The railway stretching 180 miles in the states of North Carolina and South Carolina.
It offers freight transportation and car-storage to 45 major customers. These include business in aggregates, food and agriculture and chemicals and metals, mainly based in eastern North Carolina.
Regional Rail CEO Al Sauer said: “Carolina Coastal is a great fit with Regional Rail as it benefits from an attractive mix of industrial customers and further diversifies our existing freight-rail platform from an end-market and geographic perspective.
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By GlobalData“We look forward to welcoming all of the Carolina Coastal employees to Regional Rail and working with them to continue the company’s successful growth.”
Last year, investment firm 3i Infrastructure made an undisclosed investment in Regional Rail.
3i Infrastructure North American managing partner Rob Collins said: “We’re delighted to announce a second acquisition for Regional Rail as the company continues to consolidate its position in the US short-line railroad industry.
“Following this acquisition, Regional Rail will operate 25 line segments across five states, with almost 550 miles of track.”
In October, Regional Rail agreed to buy the Florida operations of Pinsly Railroad Company.
Pinsly Railroad Company operates 208 miles of track across three short-line railways. These are the Florida Central Railroad, the Florida Midland Railroad and the Florida Northern Railroad.
