US-based Regional Rail has agreed to buy the Florida operations of Pinsly Railroad Company following the approval from Surface Transportation Board.
The Florida business includes 208 miles of track across three short-line railroads, the Florida Central Railroad, the Florida Midland Railroad and the Florida Northern Railroad.
The railroads offer freight transportation, transload and railcar-storage services to around 65 major companies that cover heating, fuel blending, building products and chemicals.
Regional Rail CEO Al Sauer said: “Pinsly’s Florida operations are highly complementary to Regional Rail and expand our 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.”
In July, investment firm 3i Infrastructure made an undisclosed investment in Regional Rail.
The 3i North American Infrastructure managing partner Rob Collins 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. The U.S. short-line network is attractive to 3i and the combined company will be well-positioned for potential future acquisitions.”
Last week, First State Investments (FSI) closed the acquisition of Patriot Rail and Ports from SteelRiver Infrastructure Partners.
In August, OmniTRAX agreed to buy Cleveland Commercial Railroad (CCRL) and its wholly owned subsidiary Cleveland Harbor Belt Railroad (CHB) for an undisclosed sum.