LONDON — A British investment manager, 3i Group, announced plans to take control of U.S. shortline operator Regional Rail LLC and grade-crossing equipment supplier Diamondback Signal LLC. 3i will own 100% of both companies.
Headquartered in Kennett Square, Pa., Regional Rail operates the East Penn Railroad and Tyburn Railroad in Pennsylvania, as well as the Middletown & New Jersey in New York. The railroads handled more than 13,000 cars in 2018. Regional Rail also provides transloading and car storage services.
Diamondback provides design, construction and maintenance of highway grade crossing signals to more than 100 customers in 20 states.
Financial details and a date to complete the transaction were not announced.
