Industry: Industrials & Infrastructure

MINNEAPOLIS, MN – August 3, 2026 – Northborne Partners today announced that it served as the exclusive financial advisor to Rail Modal Group (“RMG” or the “Company”) in connection with a strategic investment from InfraRed Capital Partners (“InfraRed”), a leading international infrastructure asset manager. Financial terms of the transaction were not disclosed.

Founded in 2018 by Greg Oberting, who remains invested in and will continue to lead the business, RMG moves freight efficiently from the producer’s door to the foreign port. Through its inland terminals, RMG partners with railroads and ocean carriers to deliver an integrated containerized export solution for U.S. shippers. The platform provides cost-effective transportation and greater access to global markets for producers and processors located far from marine ports and intermodal options. By facilitating efficient, end-to-end transport from producer to port, RMG serves as critical infrastructure within the agricultural supply chain.

Ben Marks, Managing Director at Northborne commented, “RMG has built a truly differentiated infrastructure platform that plays a critical role in connecting U.S. producers to global markets. Under Greg’s leadership, the Company has developed one of the largest private inland intermodal terminal networks in the United States and established deep relationships across the agricultural supply chain. We were honored to advise RMG on this transaction and help find a partner that will support the Company’s long-term growth objectives.”

Greg Oberting, Founder and Chief Executive Officer of RMG, commented on Northborne’s involvement, “Northborne was an exceptional partner for us. The Northborne team took the time to understand our business, growth strategy and long-term objectives. Their knowledge of infrastructure and transportation markets and thoughtful guidance brought us into contact with InfraRed, the perfect partner for our next phase of growth. We are grateful for Northborne’s counsel and look forward to the continued growth of our infrastructure and logistic solutions powering North American exports.”

Northborne is the leading middle market advisor to businesses in the rail & rail services industry. This transaction marks Northborne’s 17^th completed rail-related transaction in the past five years.

Koley Jessen served as legal counsel to RMG.

About Northborne Partners

Northborne Partners is a leading middle market investment bank specializing in mergers and acquisitions (M&A) advisory for private business owners seeking successful outcomes at defining moments. The firm was purpose-built to help founders, entrepreneurs, family-owned businesses and private equity firms sell their companies. With deep industry expertise and relationships, Northborne Partners has built a track record of industry-defining transactions across the Industrials & Infrastructure, Services, Healthcare and Food & Consumer sectors. Northborne Partners brings sophistication to the middle market through senior-level attention and a customized approach proven to deliver premium outcomes for clients when it matters most. Northborne Partners is headquartered in Minneapolis, MN with an additional office in Atlanta, GA. For more information on the firm’s sell-side M&A advisory services and experience, visit northborne.com.

About Rail Modal Group

Rail Modal Group is a leading inland intermodal terminal and logistics platform serving agricultural producers, processors and other businesses across the U.S. Midwest and Plains. RMG owns and operates four large-scale terminals that connect regional customers with the North American Class I rail network and major U.S. gateway ports. Through its terminal, transloading and logistics services, RMG converts available inbound container capacity into efficient outbound export movements, helping customers reduce transportation costs, increase supply-chain efficiency and access international markets. For more information, please visit railmodalgroup.com.

About InfraRed Capital Partners

InfraRed is a leading international mid-market infrastructure asset manager. Over the past 25 years, InfraRed has established itself as a highly successful developer, particularly in early-stage projects, and an active steward of essential infrastructure. InfraRed manages US$13bn of equity capital[1] for investors around the globe in listed and private funds across both core and value-add strategies. InfraRed combines a global reach, operating worldwide from offices in London, Frankfurt, Madrid, New York, Sydney and Seoul, with deep sector expertise from a team of more than 160 people. InfraRed is part of SLC Management, the institutional alternatives and traditional asset management business of Sun Life, and benefits from its scale and global platform. For more information, please visit www.ircp.com.

[1] Uses a 5-year average FX between currency pairs as at 31 December 2025: USD per GBP – 1.2900; USD per EUR – 1.1125. EUM of USD 13.3bn.

MINNEAPOLIS, MN – May 12, 2026 – Northborne Partners today announced that it served as the exclusive financial advisor to North Water District Laboratory Services, Inc. (“NWDLS” or the “Company”) in its sale to SPL, a portfolio company of Sentinel Capital Partners. Financial terms of the transaction were not disclosed.

Headquartered in Conroe, Texas and founded in 1974, NWDLS is a leading provider of environmental laboratory testing and analytical services supporting municipal utility districts, engineering firms, industrial customers and government entities throughout Texas. The Company specializes in wastewater, drinking water, stormwater, soil, sediment and specialty analysis services and has built a strong reputation for technical expertise, responsiveness and customer service.

SPL is a leading provider of testing, inspection, certification and laboratory services for the energy, environmental and industrial markets, serving customers through a broad network of laboratory and service locations across the United States.

“Monica and the entire NWDLS team have built an impressive business with a longstanding reputation for quality, technical expertise and customer service,” said Ben Marks, Managing Director at Northborne Partners. “We were honored to advise NWDLS through this important transaction and believe the Company is exceptionally well-positioned for continued growth as part of SPL.  Water and wastewater continues to be one of the most sought-after verticals within the infrastructure category.”

About Northborne’s involvement in the transaction, Robert McCoy, former owner of NWDLS, commented, “The Northborne team provided thoughtful advice, strong execution and steady guidance throughout the transaction process. Their experience and commitment were instrumental in helping us achieve a successful outcome for the business and our employees.”

Monica Martin, Chief Executive Officer and Managing Partner of NWDLS, added, “Northborne was an exceptional partner throughout the process. Their strategic insight, responsiveness and hands-on approach helped guide us through an important milestone for the Company. We are excited about the opportunities ahead through our partnership with SPL.”

Koley Jessen served as legal counsel to NWDLS.

About Northborne Partners

Northborne Partners is a preeminent middle market investment banking firm focused on providing M&A advisory services to companies in the industrial, healthcare, services and food & consumer sectors, among others. The firm specializes in advising private-equity-owned and closely held businesses on complex sell-side transactions. Northborne Partners is headquartered in Minneapolis, MN. For more information, please visit northborne.com.

About North Water District Laboratory Services, Inc.

Founded in 1974, North Water District Laboratory Services, Inc. is a full-service environmental laboratory that provides a comprehensive range of analytical testing services including water, wastewater, soils, solids and sediment analysis. The laboratory also offers specialty toxicology services, including a full suite of acute and chronic whole effluent toxicity (WET) testing and effluent biomonitoring, capabilities that significantly enhance SPL’s environmental lab network. For more information, please visit nwdls.com.

About SPL

Founded in 1944, SPL is a national laboratory and measurement services company serving the energy, environmental and industrial markets. Operating across 30+ locations in the United States, SPL provides defensible data through three core divisions: Energy Labs, Environmental Labs and Measurement Services. SPL is committed to providing defensible, accurate data and responsive service for clients who cannot afford to compromise on data quality. For more information, please visit spllabs.com.

About Sentinel Capital Partners

Sentinel is a leading midmarket private equity firm. Working collaboratively with portfolio companies, Sentinel offers operational resources and strategic advice that help its management teams solve challenges, capitalize on opportunities and build stronger, more valuable businesses. Sentinel also provides junior capital solutions as a minority investor. Sentinel focuses on niche markets across the business services, consumer, healthcare services and industrial sectors. Since its inception in 1995, Sentinel has raised more than $11.2 billion of capital. To learn more, please visit sentinelpartners.com.

MINNEAPOLIS, MN – March 16, 2026 – Northborne Partners today announced that it served as the exclusive financial advisor to Sierra Railroad Company (“Sierra” or the “Company”), a portfolio company of Ridgewood Infrastructure, on its acquisition of Central Valley Ag Transport (“CVAT”). Financial terms of the transaction were not disclosed.

Founded in 1897, Sierra is a California-based short line rail platform providing freight rail, switching, storage and transloading services to a diversified customer base across key essential industrial, agricultural and energy supply chains. Sierra Northern Railway (“SNR”), a subsidiary of Sierra Railroad Company, owns and operates the Company’s freight rail business and provides switching, storage and transloading services across approximately 130 miles of track in California.

CVAT is an owner and operator of agricultural products transload facilities serving customers along SNR’s rail network. The acquisition of CVAT strengthens Sierra’s platform by vertically integrating agricultural transload capabilities that are essential to California’s dairy industry.

In a concurrent transaction, Northborne also advised Sierra on its sale to Ridgewood Infrastructure, a leading investment firm focused on essential infrastructure in the United States.

Ben Marks, Managing Director at Northborne commented, “The acquisition of CVAT is a highly strategic step for Sierra as it continues to build a differentiated short line rail platform. By vertically integrating critical transload capabilities, Sierra enhances service to its dairy and agricultural customers while driving greater volumes across its rail network. We were proud to work alongside Sierra to facilitate both the acquisition of CVAT and the concurrent sale of the Company to Ridgewood Infrastructure, positioning Sierra for long-term growth.”

Northborne is the leading middle market advisor to businesses in the rail & rail services industry. This transaction marks Northborne’s 16^th completed rail-related transaction in the past four years.

About Northborne Partners

Northborne Partners is a preeminent middle market investment banking firm focused on providing M&A advisory services to companies in the industrial, healthcare, services and food & consumer sectors, among others. It specializes in advising private-equity-owned and closely-held businesses on complex sell-side transactions. Northborne Partners is headquartered in Minneapolis, MN. For more information, please visit northborne.com.

About Sierra Railroad Company

Sierra Railroad Company is a California-based rail platform whose subsidiaries include Sierra Northern Railroad, a shortline freight rail operator providing switching, storage, and transloading services across approximately 130 miles of track; Railpower, Inc., a hydrogen locomotive development business; and passenger rail operations and rights along Sierra’s mainline. For more information, please visit sierrarailroad.com.

About Central Valley Ag Transport

Central Valley Ag Transport is an agricultural products transload operator serving dairy farmers and agricultural customers along Sierra Northern Railroad’s network. For more information, please visit cv-ag.com.

About Ridgewood Infrastructure

Ridgewood Infrastructure invests in essential infrastructure businesses across the transportation, energy, utilities, and industrial sectors. The firm focuses on assets that provide critical services, exhibit durable demand, and offer opportunities for value creation through operational improvement and strategic growth. For more information, please visit ridgewoodinfrastructure.com.

MINNEAPOLIS, MN – March 2, 2026 – Northborne Partners today announced that it served as the exclusive financial advisor to Savage Enterprises LLC (“Savage”) in connection with its announced execution of a definitive agreement to sell Savage Rail (“Savage Rail”) to Cando Rail & Terminals (“Cando”). The transaction is anticipated to close in the second quarter of 2026, subject to closing conditions and customary regulatory approvals. Financial terms of the transaction were not disclosed.

Savage Rail is a leading U.S. rail provider with operations across the U.S. and a platform of rail assets in key markets, including along the Midwest, Gulf Coast, and Southeast corridors. The transaction will accelerate Cando’s U.S. expansion plans, while strengthening its existing network in Canada. The combined company is expected to operate a coast-to-coast network of assets in North America with no geographic overlap that will include 36 railcar storage, staging, and/or transload terminals; three short-line railways; and 80 first and last mile rail service operations, as well as access to all six Class I railroads. The mutually beneficial deal will make Cando North America’s market leader in first and last mile rail operating services and terminal infrastructure, and it positions Savage for strategic growth opportunities by refining its business portfolio. 

Ben Marks, Managing Director at Northborne, commented, “Having advised on numerous rail and rail‑services transactions, Northborne has seen firsthand how scale, multi-line connectivity and service quality are increasingly critical to customers, and in turn, to rail platforms’ value creation strategies. The combination of Savage Rail and Cando exemplifies these themes, creating a highly complementary platform that is well positioned to lead the next phase of growth in first‑ and last‑mile rail services across North America.”

Chris Klotsche, Director at Northborne added, “Savage Rail is an exceptional rail services platform with a well‑earned reputation for safety, reliability and operational excellence. It was a privilege to work with the Savage team on this transformative deal in the rail industry.”

“This is a great opportunity for Savage Rail and Savage as a whole,” said Savage’s President and CEO Jeff Roberts. “We’re excited about the additional offerings Cando will provide for our rail services customers as a pure-play rail company as well as the investment opportunities that this sale will provide for our other businesses.” Regarding Northborne’s involvement, Jeff commented, “Northborne’s knowledge of the rail industry was invaluable as we evaluated strategic options for Savage Rail. We are grateful for their guidance in finding a partner that will support Savage Rail’s next chapter of growth.”

Northborne is the leading middle market advisor to businesses in the rail & rail services industry. This transaction marks Northborne’s 14th completed rail-related transaction in the past four years.

About Northborne Partners

Northborne Partners is a preeminent middle market investment banking firm focused on providing M&A advisory services to companies in the infrastructure, industrial, healthcare, services and food & consumer sectors, among others. It specializes in advising private-equity-owned and closely-held businesses on complex sell-side transactions. Northborne Partners is headquartered in Minneapolis, MN. For more information, please visit northborne.com.

About Savage

Established in 1946, Savage is a private company based in Midvale, Utah that owns and operates Bartlett, Energy & Mineral Services, Rail Services, Refinery Services, and Texon. With more than 4,900 team members in nearly 200 locations across the U.S., Canada, Mexico, and Saudi Arabia, its companies are integral to the global supply chain, helping its customers and partners feed the world and power our lives. For more information, please visit savageco.com.

About Cando Rail & Terminals

Cando Rail & Terminals is North America’s leading provider of specialized rail operating services and terminal infrastructure that allow industrial shippers to optimize their supply chains and connect to Class I railways by leveraging Cando’s operating capabilities and network of owned multi-purpose rail terminals. The company provides a wide range of rail services including industrial switching, material handling, terminal & transload services, short line operations, railcar staging, train assembly, and related services. For more information, please visit candorail.com.

MINNEAPOLIS, MN – February 16, 2026 – Northborne Partners is pleased to announce that it served as the exclusive financial advisor to Labsurface in connection with its minority investment from Idealist Capital (“Idealist”). Financial terms were not disclosed.

Founded in 1995, Labsurface is a leading North American manufacturer and innovator of high‑performance concrete floor coating systems, engineered to enhance durability, safety and lifecycle performance in demanding environments. The company leverages proprietary formulations, materials expertise and in‑house manufacturing to serve a broad range of industrial, commercial and institutional end markets.

Jonathan Gagnon, President, CEO and Controlling Shareholder of Labsurface, expressed enthusiasm for the company’s next chapter, stating, “This partnership represents an important step forward for Labsurface. Idealist Capital shares our values around innovation, long-term thinking and disciplined growth. Just as importantly, they respect what makes Labsurface unique. We are grateful to the Northborne Partners team for their thoughtful guidance throughout this process and for helping us identify a partner who aligns so closely with our vision for the future.”

Mat Marcussen, Director at Northborne, commented, “We are incredibly grateful to have been part of this journey with Jonathan and the Labsurface team. Labsurface is a differentiated platform with a clear strategy, strong culture and compelling long-term opportunity. Idealist Capital is a natural partner for the next chapter of growth and we are proud to have helped bring together two groups so well aligned in ambition and values.”

Specialty coatings and materials as a category continues to be highly sought after by strategic and financial investors alike. Northborne is a thought leader in this segment and this transaction marks Northborne’s second completed transaction in specialty coatings and materials in 2026.

Davies Ward Phillips & Vineberg served as legal counsel to Labsurface on the transaction.

About Northborne Partners

Northborne Partners is a preeminent middle market investment banking firm focused on providing M&A advisory services to companies in the industrial, healthcare, services and food & consumer sectors, among others. It specializes in advising private-equity-owned and closely-held businesses on complex sell-side transactions. Northborne Partners is headquartered in Minneapolis, MN. For more information, please visit northborne.com.

About Labsurface

Founded in 1995, Labsurface is a leading North American manufacturer and innovator of high‑performance concrete floor coating systems. The company is recognized for its advanced materials expertise, proprietary formulations, and commitment to performance, durability, and reliability across industrial and commercial applications. Labsurface is headquartered in Mascouche, Québec. For more information, please visit labsurface.com.

About Idealist Capital

Founded in 2022, Idealist Capital is a growth‑oriented private equity firm focused on partnering with entrepreneurs to support the scaling of differentiated businesses across North America. The firm invests in companies positioned to benefit from long‑term structural trends, with an emphasis on building durable platforms alongside management teams. Idealist Capital is headquartered in Montreal, Québec. For more information, please visit idealist.capital.