Market Overview

International Rail Partners Acquires Grenada Railroad


International Rail Partners LLC ("IRP") today announced the acquisition
of Grenada Railroad LLC ("Grenada" or "GRYR"), from Iowa Pacific
Holdings LLC ("IPH"). IRP will operate Grenada through a lease-purchase
agreement with the North Central Mississippi Regional Railroad Authority
("NCMRRA"). IRP commenced rail operations on the line effective August
2, 2018. Terms of the acquisition were not disclosed. Oppenheimer & Co.
Inc. acted as exclusive financial advisor to IRP in connection with the

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Grenada Railway moves approximately 10,000 carloads of freight annually (Photo: Business Wire)

Grenada Railway moves approximately 10,000 carloads of freight annually (Photo: Business Wire)

Grenada operates 212 miles of rail line between Memphis, TN, and Canton,
MS. The railroad currently transports approximately 10,000 carloads of
freight annually, including commodities such as forest products,
plastics, petroleum products, flour and grain. Grenada interchanges with
Canadian National Railway Company at Southaven, MS – and has access to
four additional Class I railroads, including Norfolk Southern
Corporation, CSX Corporation, Burlington Northern Santa Fe and Union
Pacific Corporation, allowing for rail connections throughout North
America. Grenada's location makes it a highly desirable rail freight
service provider for shippers in northern and central Mississippi and a
prime railcar storage location. Grenada also anticipates continuing the
popular Christmas-themed tourist passenger train at Batesville, MS.

Gary O. Marino, Chairman & CEO of International Rail Partners, said, "We
are pleased to announce the acquisition of the Grenada Railroad, the
first by our newly-formed rail venture. We look forward to working with
NCMRRA, shippers and the local community to grow and enhance Grenada's
short line rail operation." He added, "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." Mr. Marino was formerly the
founder, President & CEO of short line railroad holding companies
RailAmerica, Inc. and later, Patriot Rail Corp.

IRP, in cooperation with NCMRRA, intends to restore and re-open the
81-mile southern portion of the line running from Grenada to Canton, MS,
which has been closed since 2011. In 2017, the U.S. Department of
Transportation announced a $7.5 million grant to assist with
rehabilitation of the line, which will enable IRP to market rail
services to a region that is growing and has been underserved. When
completed, this project will represent a significant portion of the
Mississippi Department of Transportation (MDOT) freight rail improvement

"The NCMRRA looks forward to working with IRP to provide safe and
dependable rail service to customers on GRYR," said Larry Hart,
President of NCMRRA. "In addition, the anticipated re-opening of the
line south of Grenada, as identified by MDOT, is expected to provide new
access for shippers and enhance economic development in central

Based in Boca Raton, Florida, International Rail Partners is focused on
acquiring and operating North American railroads, as well as ancillary
rail services throughout the continent. For more information on IRP,
visit us at

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