NORTH AMERICA: Canadian company Cando Rail & Terminals has reached a definitive agreement to acquire US-based Savage Rail to create what it says will be ‘North America’s market leader in first and last mile rail operating services and terminal infrastructure’.
The transaction announced on February 23 is expected to close in Q2 2026, subject to conditions and regulatory approvals.
The combined company will operate a coast-to-coast network of assets with no geographic overlap that will include 36 wagon storage, staging and/or transload terminals, three shortline railways and 80 first and last mile rail service operations, with access to all six Class I freight railways.
It is Cando’s fourth acquisition in just over two years, together representing more than US$1bn of investment. Cando will maintain its global headquarters in Manitoba, and plans to establish a US headquarters in Salt Lake City.
‘The industrial rail environment is fundamentally different than a decade ago — customer supply chains are increasingly continental, and they choose partners that can support their evolving needs with greater reach and efficiency’, said Brian Cornick, President & CEO of Cando Rail & Terminals. ‘By combining two highly complementary teams and capabilities with Cando’s strong financial profile, we’re creating a stronger, more resilient platform to support our customers, team members and communities today and invest for the long term.’
Savage will use the sale proceeds to invest in its food and fuel-focused businesses, and said the rail business would gain new opportunities as part of a large pure-play rail company.
Mike Miller, SVP & Rail Services Leader at Savage Rail, said ‘this combination allows us to preserve what makes our rail business special while giving our customers and teams access to broader resources and a North American platform that’s built for sustainable growth’.
