SLGW currently carries more than 6000 loaded wagons a year along its 41km line in Salt Lake City, Utah. The line runs adjacent to two major interstate highways and connects with the Union Pacific and BNSF railways.
The financial terms of the deal have not been disclosed, with the transaction subject to the customary closing conditions and regulatory approvals.
“The agreement aligns with Patriot’s vision of future growth as a premier service provider in the US short line railway industry and complements the Patriot portfolio,” says Patriot CEO, Mr John Fenton. “SLGW provides premier service to its customers and we are honoured to carry that legacy forward.
“The state of Utah is thriving with growth projects. Patriot is excited to participate in these initiatives and we look forward to the evolving opportunities.”
“As a family-operated business, SLGW has grown, especially over the last five years,” says SLGW CEO, Ms Mariana Mavor. “This partnership with Patriot Rail affords us more access to expertise, resources and capital to serve the growing needs of our expanding customer base. We couldn’t be more thrilled about the prospects of a ‘bigger and better’ SLGW under the Patriot umbrella.”
SLGW is the first bolt-on acquisition by Patriot since it was acquired by First Sentier Investors (FSI) in 2019.