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Rail News: Short Lines & Regionals
Short-line operator Regional Rail sold to 3i Group
Levine Leichtman Capital Partners (LLCP), a Los Angeles-based private equity firm, announced today that it has completed the sale of short-line operator Regional Rail LLC to 3i Group plc.
Based in Kennett Square, Pennsylvania, Regional Rail operates short lines and rail-related businesses in the U.S. Mid-Atlantic region with more than 155 miles of track. The company was formed in 2007.
The company serves customers in the agriculture, lumber, energy and metal products sectors. Its subsidiary, Diamondback Signal, provides engineering, construction and maintenance for grade crossings throughout the nation.
"We are proud to have enhanced the value of Regional Rail through multiple avenues including winning new customers, acquiring additional track miles and optimizing service levels and operations," said Lauren Leichtman, founding partner and co-chairperson of LLCP's executive committee, in a press release.
Regional Rail officials are "excited to enter our next phase of growth under 3i," said Chief Executive Officer Al Sauer.
BMO Capital Markets served as financial adviser and Honigman Miller Schwartz and Cohn LLP served as legal advisor to Regional Rail in connection with the sale.
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