Patriot Rail Corp. and CF Rail Service Announce Railcar Services Agreement
October 24, 2011 11:38 AM Eastern Time
BOCA RATON, Fla.--(BUSINESS WIRE)--Patriot Rail Corp. (“Patriot”), a privately-held short line and regional freight railroad holding company, and CF Rail Services, LLC (“CF Rail”), a wholly owned subsidiary of Sasser Family Holdings, Inc., a transportation asset services and investments company, announced today that CF Rail has entered into long-term railcar services agreements at select Patriot-owned railroads, effective September 1, 2011.
“For our clients this means an increased geographical footprint, reduced transport expenses, and a greater breadth of services we can offer; we now have the ability to take the unsurpassed level of service we have become known for to a greater range of railcar owners, railroads, and industrial rail shippers.”
Under the exclusive agreements, CF Rail leased the railcar and locomotive inspection and repair facilities at Patriot’s DeQueen & Eastern (DQE), Columbia and Cowlitz (CLC), and Golden Triangle (GTRA) railroads. CF Rail will perform railcar and locomotive repairs on system and privately-owned railcars and locomotives at these facilities, including railcars and locomotives owned by Patriot. CF Rail has provided quality running repairs and program work for railroads, private car owners and shippers across North America since 1928. CF Rail also owns and leases over 15,000 railcars and locomotives worldwide through its sister companies Chicago Freight Car Leasing Co. and Chicago Freight Car Leasing Australia PTY Limited.
The repair facilities include: state-of-the-art locomotive, railcar, and locomotive wheel shops in DeQueen, Arkansas, and a railcar shop in Valliant, Oklahoma, all on the DQE; locomotive and railcar shops in Columbus, Mississippi, on the GTRA; and locomotive and railcar shops in Longview, Washington, on the CLC. In addition to leasing the facilities, CF Rail has also hired Patriot’s existing maintenance of equipment workers to perform railcar repairs and services.
Patriot’s Chairman, President & CEO, Gary O. Marino, said, “We are pleased to partner with CF Rail at these facilities. They are a well-known and established railcar repair company with a great reputation. This agreement allows Patriot to more fully utilize assets at our railroads and generate significant income through lease revenues and reduced labor costs. Finally, we are working to further expand our relationship with CF Rail at additional Patriot Rail properties in the near future.”
“This is an exciting partnership that reflects on our core commitment in providing our clients the very best care for their valuable assets,” said Shad Peterson, VP and COO of Sasser Family Holdings, Inc. and President of CF Rail Services. “For our clients this means an increased geographical footprint, reduced transport expenses, and a greater breadth of services we can offer; we now have the ability to take the unsurpassed level of service we have become known for to a greater range of railcar owners, railroads, and industrial rail shippers.”
Patriot Rail Corp. is a short line and regional freight railroad holding company based in Boca Raton, Florida. The Company owns and operates 12 short line freight railroads comprising approximately 500 total rail miles in 12 states. For more information on Patriot Rail Corp. visit us at www.patriotrail.com.
Sasser Family Holdings, Inc. is a 4th generation, family-held transportation asset services and investments company with roots dating back to 1928. Subsidiary business units and investments include Chicago Freight Car Leasing Co., Union Leasing Inc., CF Rail Services LLC, CFCL Australia Holdings and STI-Global PTY Limited. The subsidiary units are leaders in providing customer focused rail and vehicle transportation equipment solutions including asset leasing, fleet administration management, asset repair and maintenance, and innovative technology services throughout North America, Australia, and Europe.
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