Northborne Partners

MINNEAPOLIS, MN – January 11, 2023 – Northborne Partners is pleased to announce that it served as the exclusive financial advisor to Delta Southern Railroad (DSRR) in connection with its recent acquisition by Patriot Rail Company (Patriot), a portfolio company of Igneo Infrastructure Partners (Igneo).

DSRR is a short line railroad composed of two lines, located in Monroe and Tallulah, Louisiana. DSRR operates over 40 miles of track and serves two port facilities – Lake Providence Port and Madison Parish Port – located on the Mississippi River. DSRR is well situated in a strong chemical and petrochemicals corridor, with a customer base comprising several large-scale chemical manufacturers as well as forest industry shippers.

Ben Marks, Managing Director at Northborne, said, “It was a privilege to represent DSRR on this important transaction and look forward to seeing its continued progress under Patriot’s ownership.”

Reed Smith LLP served as legal counsel to DSRR.

About Northborne Partners

Northborne Partners is a preeminent middle market investment banking firm focused on providing M&A advisory services to companies in the food & consumer, healthcare and industrials 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 Delta Southern

Established in 2009, Delta Southern Railroad, Inc. is a short line railroad comprised of two lines, located approximately sixty miles apart in Monroe and Tallulah, Louisiana and serving two port facilities located on the mighty Mississippi River: Lake Providence Port and Madison Parish Port. Delta Southern transports grain, aggregate materials, agricultural products, cotton, coal, chemicals, fertilizer, forest products, sand clay and soda ash. Delta Southern is proud to work closely with well-respected railroad and interchange partners: Kansas City Southern (KCS) and Union Pacific Railroad (UP). DSRR fosters strategic alliances with integrators and service providers to expand new economic opportunities within the region and for the communities it serves and calls home. For more information, please visit www.deltasouthern.net.

About Patriot Rail

Patriot Rail operates 32 regional and freight short line railroads, a scenic rail excursion train, and rail-related services companies with operations in 23 states. Service capabilities include railcar storage, contract switching, transloading, railcar cleaning, engineering services, excursion railroads, real estate, and track access. Patriot Rail is also a direct partner in providing railcar repair and maintenance, railcar dismantling, and environmental services, including centralized wastewater treatment. For more information, please visit patriotrail.com.

About Igneo Infrastructure Partners

Igneo is an autonomous investment team within the First Sentier Investors Group. It invests in high quality, mature, mid-market infrastructure companies in the utilities and transport sectors in Australia, New Zealand, UK, Europe and North America. Operating since 1994, the team works closely with portfolio companies to create long-term sustainable value through innovation, a focus on ESG and proactive asset management. Igneo manages US$14.9 billion in assets (as of Sept. 30, 2022) on behalf of more than 120 institutional investors around the world. For more information, visit igneoip.com.