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New freight railcar leasing company launched

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World Coal,

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

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