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9/7/2007



Rail News: M&A

Regional Rail acquires first short line, sets up shop in Pennsylvania



Regional Rail L.L.C. has acquired its first rail property. On Aug. 27, the new holding company headed by former OmniTRAX Inc. Executive Vice President and Chief Operating Officer Robert Parker acquired East Penn Railroad L.L.C. from John C. Nolan. Terms weren’t disclosed.

East Penn Railroad comprises lines formerly operated as East Penn Railways and Penn Eastern Rail Lines. The short line serves shippers in the Philadelphia and Wilmington, Del., areas, and interchanges with CSX Transportation and Norfolk Southern Corp.

“The diversity and quality of the customer base, and the potential for these and additional customers were the main drivers behind our interest,” said Regional Rail Vice President and Chief Commercial Officer Al Sauer — who previously served OmniTRAX as EVP of marketing and strategic planning — in a prepared statement.

Regional Rail, which along with East Penn Railroad will be headquartered in Kennett Square, Pa., doesn’t expect to own a single short line for long.

“Thanks to our strong relationship with a well established institutional investor, we have a solid platform from which to pursue other acquisitions and opportunities,” said Parker, Regional Rail's president and chief executive officer.


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