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Rail News: Short Lines & Regionals
BRX completes acquisition of Pioneer Railcorp
Pioneer Railcorp's acquisition by Related Fund Management, Brookhaven Rail Partners and Stephens Capital Partners LLC was completed last week.
Pioneer is the parent of 15 short lines, an equipment leasing company, two service companies and a contract services switching company.
Shares of Pioneer common stock, which traded on the over-the-counter market, were converted into the right to receive $18.81 per share at the acquisition's closing.
BRX Transportation Holdings LLC — a partnership between Related Fund Management subsidiary Related Infrastructure, Brookhaven Rail Partners and Stephens Capital Partners — was formed to purchase Pioneer as a platform investment.
BRX intends to invest additional capital to upgrade Pioneer's existing infrastructure and grow Pioneer's franchise through industrial development and expansion of services to customers, BRX officials said in a press release.
BRX partner and industry veteran Alex Yeros has been named chief executive officer of Pioneer. Yeros has three decades of experience acquiring and growing railroads and other rail businesses.
"Pioneer provides us a solid foundation for growth with experienced employees and a strong and diverse customer base," said Yeros. "We look forward to engaging with all of Pioneer's customers to enhance our service relationships and explore opportunities for growth and efficiency."
Previously, Yeros served as chief investment officer and in other industrial development roles at OmniTRAX Inc.
Also appointed to Pioneer's executive team are Ross Grantham as chief operating officer and Carrie Genualdi as chief financial officer. Grantham has more than 20 years of experience overseeing operations at Class Is and short lines. Genualdi joins Pioneer after spending 10 years at Genesee & Wyoming Inc. as director of finance.
Contact Progressive Railroading editorial staff.