Patriot Rail expands rail capacity at the Kingman (Ariz.) Industrial Park. Also, Savage, a Utah-based global infrastructure and supply chain services company, sells its EnviroServe business.
Jacksonville, Fla.-based Patriot Rail is expanding its industrial park in Kingman, Ariz., with a $2.25 million investment, which includes the price of land, the City of Kingman Economic Development Department reported on Jan. 19.
“The rail-to-truck transload facility operated by Patriot Rail will sit on 9.5 acres, consisting of two tracks totaling 1,400 feet, and can handle 1,000 annual carloads,” said Tom Naso, Assistant Vice President of Sales for Patriot Rail, which runs 32 short line railroads in 23 states. “The facility is designed to allow trucks to transfer shipments to/from the rail easily and is ideal for liquid energy, aggregates and industrial products. This is a prime location to serve industries in northwestern Arizona, Las Vegas, and southern California markets.”
The park offers rail access via Patriot’s Kingman Terminal Railroad (KGTR), which interchanges with BNSF, and interstate and highway access.
Savage on Jan. 19 reported the sale of its EnviroServe business, a move that will allow it to focus growth on industrial infrastructure and agricultural projects, including adding to its port and terminal operations across North America. EnviroServe aims to safely remediate and prevent environmental releases, manage waste, and respond to emergency and catastrophic events; it provides comprehensive environmental and rail services.
An affiliate of New York-based private equity firm One Rock Capital Partners, LLC acquired EnviroServe and will establish it as an independent company.
BMO Capital Markets Corp. acted as the exclusive financial advisor to Savage. Financial terms of the transaction were not disclosed.
With the sale, Nathan Savage is retiring as Sector President, Environmental at Savage and will continue to lead EnviroServe as CEO. He will remain on the Savage Board of Directors.
“We believe this path will provide the best outcome for both Savage and EnviroServe,” Savage President and CEO Kirk Aubry said. “We have unprecedented growth opportunities in our Infrastructure and Agriculture sectors and will focus our resources to safely and sustainably grow with our customers and partners in these two parts of our business.”
“We’ve built a distinctive environmental services business with a strong future, and we’re confident One Rock’s investment in the business will lead to opportunities for the EnviroServe team to grow and thrive,” Nathan Savage said.