PITTSBURGH — iCon infrastructure is becoming a 40% partner in Iowa Interstate Railroad, a move majority owner Railroad Development Corp. of says positions the regional railroad as “a platform for growth.”
“RDC’s business model is based on partnerships, a model that originates from the business acumen of my father, Henry Posner Jr,” Railroad Development Corp. and Iowa Interstate chairman Henry Posner III says in a press release. “In this case we are fortunate to have found a partner that shares our culture. Together we are well positioned to advance the interests of the customers and communities we serve, and the interests of our industry as part of one of the world’s great network businesses.
“IAIS will now increasingly serve as a platform for growth. This can take many forms, ranging from partnerships with other railroad companies to industrial development and investment in infrastructure such as intermodal facilities and river ports.
“We see in iCON a partner with a global reach and a focus on infrastructure, with resources that complement our own. We welcome iCON as a partner and appreciate this vote of confidence in our quest to earn the position of the most respected railway company in North America.”
Iowa Interstate’s main line runs between Chicago and Omaha, Neb., with a branch to Peoria, Ill., connects with all seven Class I railroads, and handles agricultural, construction, and consumer products. The railroad was formed in 1984, with RDC acquiring a minority interest in 1991 and full ownership in 2004. iCon Infrastructure, based in London, is an independent investment firm with over 4.3 billion Euros ($5.25 billion) in assets under management. Its focus is on privately held infrastructure in Europe and North America.
iCon Director Rory Hunter says in the release, “Over the years we have known RDC, we have been continually impressed with their commitment to driving growth at their investments, whilst requiring the highest safety standards and customer service levels. Through this partnership we are excited to support Joe [Parsons, Iowa Interstate president and CEO], Henry, and the broader team in achieving our shared objective of continuing the strong growth trajectory of IAIS.”
