USA: Private equity firm Levine Leichtman Capital Partners has acquired a stake in short line group Regional Rail. The existing management team will ‘retain significant ownership’ and continue to lead the company.
Regional Rail was formed in April 2007 and has since acquired the East Penn, Middletown & New Jersey and Tyburn railways in the mid-Atlantic region. Its wholly-owned subsidiary Diamondback Signal provides level crossing construction and maintenance services.
‘We are excited to partner with Bob Parker, Al Sauer and the rest of the management team who have assembled very strategic assets serving the logistics needs of a diverse set of customers throughout the region’, said LLCP Co-Founder and CEO Lauren Leichtman on August 24. ‘These railroad veterans have done a great job acquiring undermanaged railroad assets and improving the operational performance to create value.’