Cision PR Newswire
Rail Modal Group Announces $50 Million Capital Raise from The Baupost Group
News provided byRail Modal Group LLC
Sep 18, 2023, 7:59 PM ET
ALBANY, N.Y., Sept. 18, 2023 /PRNewswire/ -- Rail Modal Group ("RMG"), the leading provider of intermodal rail solutions, today announced the successful capital raise of $50 million from The Baupost Group ("Baupost").
With strategically located premier intermodal rail ramps and container depots in Amarillo, Texas; Fremont, Nebraska; Minot, North Dakota; and Kansas City, Kansas, RMG offers unparalleled efficiency for American producers in the heartland to reach international markets. This capital injection supports RMG's commitment to providing affordable, dependable, sustainable, and faster trade solutions.
Greg Oberting, Founder and CEO of RMG, expressed his excitement on this milestone achievement. "It was a lot of work to launch this company and build out our infrastructure over the past few years. Today, RMG stands as a beacon of efficiency, helping our partners streamline their reach to global markets at lower costs with a more environmentally friendly footprint," said Oberting.
He further added, "We sought out Baupost exclusively as our financial partner given their investment track record and their ability to foster successful partnerships. Having them back us confirms the value that our platform brings to our customers and the growth that lies ahead. This investment strengthens our ability to grow our high-quality service to American producers, international consumers, and our rail and steamship partners."
Sidley Austin LLP acted as legal counsel to RMG for this transaction, while Ropes & Gray LLP represented Baupost.
About Rail Modal Group (RMG):
Rail Modal Group is at the forefront of intermodal rail solutions, optimizing the US supply chain through its footprint of inland ports. Rail Modal Group facilitates efficient and sustainable access to international markets for American producers, primarily serving disadvantaged and dislocated supply chain areas. Rail Modal Group has already reduced over 75 million truck miles from US roads and highways through their intermodal terminals.
Rail Modal Group Email: email@example.com
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SOURCE Rail Modal Group LLC
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