Three Chicago-based investors, affiliates of Allstate, Duchossois Capital Management, and CC Industries Inc., have announced the formation of a new freight railcar leasing company: Riverside Rail.
Earlier this week, the investor group acquired 2032 railcars. The diversified railcar fleet includes a mix of covered hoppers, coal cars, mill gondolas, boxcars and centerbeams.
The investor group believes railcar leasing represents an attractive long-term investment and seeks to grow this initial railcar investment into a larger railcar leasing fleet.
Riverside Rail plans to build a full-service leasing and management services company over the next several years.
BMO Harris Bank led a credit facility for the railcar acquisition, and Vedder Price served as legal counsel to Riverside Rail. Terms of the transaction were not disclosed.
Edited from press release by Harleigh Hobbs
Read the article online at: https://www.worldcoal.com/handling/07032016/new-freight-railcar-leasing-company-launched-342/