BOCA RATON, Fla. — International Rail Partners announced it has acquired the Grenada Railroad from Iowa Pacific Holdings through a lease-purchase agreement with the North Central Mississippi Regional Railroad Authority. IRP began operation of the railroad on Aug. 2.
It is the first railroad acquired by IRP.
The Grenada operates 212 miles of trackage south from Memphis, Tenn., to Canton, Miss. It currently moves about 10,000 carloads annually. The new operators anticipate that they will continue to run the popular Christmas-themed passenger service at Batesville, Miss.
IRP and the regional railroad authority plan to reopen the southernmost 81 miles of the route to Canton, which has been closed since 2011. The U.S. Department of Transportation has awarded a $7.5 million grant to assist in that effort.
“We look forward to working with NCMRRA, shippers and the local community to grow and enhance Grenada’s short line rail operation,” Gary O. Marino, the company’s chairman and CEO, said in a press release. “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.”
International Rail Partners is based in Boca Raton, Fla. Marino was previously president and CEO of short line companies Rail America and Patriot Rail Corp.
Iowa Pacific had taken over operation of the Grenada Railroad in September 2015. [See “Grenada Railroad reopens for operations,” Trains News Wire, Sept. 3, 2015.]
Not sure of Iowa Pacific’s railroads at their peak, but there was one more not listed – the Piedmont & Northern in North Carolina.
Sometimes a lot of bad things happen in a short time that a person may or may not have control of. That does not make that person inept or a bad person. It’s called a run of bad luck. I for one believe Ed Ellis as done a lot more good than harm in the rail industry. We might need to give the man a break.
Another step in Ed Ellis path into obscurity.
Other people may feel different, but trying to run that IND to CHI Amtrak replacement service was the last hurrah.
IPH has been going downhill ever since.
Just about the only thing I can find in common with all of these come and go short lines, they all run Polar Express Christmas trains Even the IPH properties in the UK.
Still waiting for Trains to do an indepth factual article (not their Ed Ellis hero worship fluff pieces) on the decline and fall of the Iowa Pacific empire.
Permian Basin was just a holding company.
Another Iowa Pacific effort lands with a thud.
Here was the list at their “peak”.
U.S.A.
Permian Basin Railways
Texas – New Mexico Railroad
West Texas and Lubbock Railway
Chicago Terminal Railroad
Rio Grande Scenic Railroad
Mount Hood Railroad
Saratoga and North Creek Railroad
Grenada Railway
Santa Cruz & Monterrey Railroad
Cape Rail
U.K.
Dartmoor Railway
Weardale Railway
Permian Basin, Santa Cruz and now Grenada are off the list.
West Texas and the Texas-New Mexico were sold to Watco.
Saratoga and North Creek ceased operations this year
How many operations does Iowa Pacific have left?
Great to hear!! Glad they will keep the Train To Christmas town!