BOCA RATON, Fla. — International Rail Partners announced it has acquired the Grenada Railroad from Iowa Pacific Holdings through a lease-purchase agreement with the North Central Mississippi Regional Railroad Authority. IRP began operation of the railroad on Aug. 2.
It is the first railroad acquired by IRP.
The Grenada operates 212 miles of trackage south from Memphis, Tenn., to Canton, Miss. It currently moves about 10,000 carloads annually. The new operators anticipate that they will continue to run the popular Christmas-themed passenger service at Batesville, Miss.
IRP and the regional railroad authority plan to reopen the southernmost 81 miles of the route to Canton, which has been closed since 2011. The U.S. Department of Transportation has awarded a $7.5 million grant to assist in that effort.
“We look forward to working with NCMRRA, shippers and the local community to grow and enhance Grenada’s short line rail operation,” Gary O. Marino, the company’s chairman and CEO, said in a press release. “Our company has strong financial backing that, combined with our own capital, will provide the funding necessary to compete in the reinvigorated rail acquisition market. We plan to strategically invest where significant value can be added through our organizational expertise.”
International Rail Partners is based in Boca Raton, Fla. Marino was previously president and CEO of short line companies Rail America and Patriot Rail Corp.
Iowa Pacific had taken over operation of the Grenada Railroad in September 2015. [See “Grenada Railroad reopens for operations,” Trains News Wire, Sept. 3, 2015.]
