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Rail News: Short Lines & Regionals
Georgia Northeastern Railroad to be acquired
Georgia Northeastern Railroad Co. Inc. (GNRR) is being acquired by SteelRiver Infrastructure Fund North America LP and two associated investment firms, according to a notice filed with the Federal Register.
GNRR operates about 106 miles of railroad between Marietta and Mineral Bluff, Ga. In addition to SteelRiver, the other applicants for the acquisition are SteelRiver Devco Holdings LLC (Devco) and SteelRiver Devco Holdings LLC.
The acquisition would include GNRR and its subsidiary, Blue Ridge Scenic Excursions. The firms intend to acquire the railroad on or after Nov. 15. Additional financial details of the acquisition were not disclosed in the notice.
GNRR owns about 48 miles and leases about 32.74 miles from CSX Transportation. The remaining miles belong to the Georgia Department of Transportation, including industrial, spur and other track, according to the federal notice.
SRTH is owned by Devco, which is owned by SteelRiver. SteelRiver is owned by a diverse group of U.S. and foreign pension funds, insurance companies and other investors. It is associated with several other entities, including PRD Midco LLC, which controls Patriot Rail Co. LLC, which controls 13 Class III railroads.
Contact Progressive Railroading editorial staff.