Mar 08, 2022

Northborne Transaction Announcement | Lake State Railway Company Received Strategic Investment from Antin Infrastructure Partners

MINNEAPOLIS, MN - March 8, 2022 – Northborne Partners is pleased to announce that it served as the exclusive financial advisor to Lake State Railway Company (“LSRC”) in connection with the strategic investment received from Antin Infrastructure Partners (“Antin”, Ticker: ANTIN – ISIN: FR0014005AL0). Antin is partnering with LSRC’s current management team, which has been in place for nearly a decade and will continue to lead the business. Financial terms were not disclosed.

Formed in 1992, LSRC is an approximately 375-mile rail freight network spanning the eastern corridor of Michigan’s Lower Peninsula. The Company is a critical component of the North American transportation infrastructure supply chain, providing freight transportation, railcar storage and transloading services. Through interconnections with multiple Class I rail partners, LSRC provides bidirectional rail access between Michigan and the broader U.S. and Canadian markets to a diverse set of over 60 customers across a range of durable end markets. In 2021, the company moved over 60,000 carloads. LSRC is a vital contributor to the State of Michigan, one of the fastest growing state economies in the U.S. and one of the largest manufacturing centers in North America. In addition, LSRC’s rail service provides an environmentally friendly shipping option for customers, as freight rail is significantly more fuel efficient than over-the-road alternatives.

Antin Infrastructure Partners is one of the world’s leading infrastructure investment firms with over €22 billion Assets under Management in the energy and environment, telecom, transport and social infrastructure sectors.

Ben Marks, Managing Director at Northborne, said, “Lake State Railway Company is well regarded as one of the leading regional railroads in the United States, as evidenced by the Company being named 2018 Short Line of the Year and 2021 Regional Railroad of the Year by Railway Age. LSRC’s commitment to excellence runs deep throughout the entire organization, and it was a privilege working with the management team to help LSRC find a partner to help lead the Company into its next chapter of growth.”

John Rickoff, President and CEO of LSRC, commented, “We welcome Antin as a long-term strategic partner to support our continued growth plans and vision for the future of LSRC. We look forward to working with Antin to grow our customer base and expand our rail network.” Regarding Northborne’s involvement in the transaction, John Rickoff said, “Northborne has been an invaluable partner to guide us through this important milestone. They listened to our desires and created a carefully crafted process to help achieve those goals. Their industry knowledge, M&A experience and systematic execution were instrumental in helping us achieve this excellent outcome.”

Honigman LLP served as legal counsel to LSRC.

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 focuses on advising private business owners in the sale of their companies and has decades of experience sitting across the table from the most seasoned strategic and private equity buyers in the world. Northborne Partners is headquartered in Minneapolis, MN. For more information, please visit

About Lake State Railway

Lake State Railway Company is a Michigan-based progressive regional railroad that has been providing “Excellence in Transportation” since 1992. LSRC’s approximately 375 operating miles of track run from Plymouth through its headquarters in Saginaw, up to Bay City, Gaylord and Alpena. Lines also run to Midland and Paines. For more information, please visit

About Antin Infrastructure Partners

Antin Infrastructure Partners is a leading private equity firm focused on infrastructure. With over €22bn in Assets under Management across its Flagship, Mid Cap and NextGen investment strategies, Antin targets investments in the energy and environment, telecom, transport and social infrastructure sectors. Based in Paris, London, New York, Singapore and Luxembourg, Antin employs over 165 professionals dedicated to growing, improving and transforming infrastructure businesses while delivering long-term value to investors and portfolio companies. Majority owned by its partners, Antin is listed on compartment A of the regulated market of Euronext Paris (Ticker: ANTIN – ISIN: FR0014005AL0). For more information, please visit

Website includes transactions completed by Northborne professionals at prior firms.

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