Iowa Pacific Holdings, LLC (Iowa Pacific) and American Heritage Railways, Inc. (American Heritage) today announced signing of a letter of intent under which Iowa Pacific, subject to appropriate due diligence, will acquire American Heritage Railway of Texas LLC (AHRT), which operates the Texas State Railroad between Palestine and Rusk, Texas, under a contractual agreement with the Texas State Railroad Authority, from American Heritage.
Ed Ellis, president of Iowa Pacific, said “We are very excited about this opportunity to build on the substantial achievements that American Heritage has made, in cooperation with the Texas State Railroad Authority, in improving the Texas State Railroad’s infrastructure and in developing the tourist ridership. It is our intention to continue this progress by further developing passenger services, reconnecting the railroad with the national rail network at Palestine, and implementing freight service.
Allen Harper, chief executive officer of American Heritage Railways, Inc., stated “We have had a tremendous experience developing the Texas State Railroad, and appreciate all the assistance we have enjoyed from the Texas State Railroad Authority and from local communities in this process. We are confident that Iowa Pacific has the skill and expertise to further develop the railroad and to expand into the freight transportation market.”
The president of the Texas Railroad Authority, Steve Presley, said “The Texas State Railroad Authority fully supports this transaction. We feel that Iowa Pacific’s strong track record in developing both passenger and freight business on its other railroads will be a strong positive for the areas served by the Texas State Railroad.”
Iowa Pacific operates six short line railroads in the U.S. and, through an affiliated company, operates three railways and related businesses in the United Kingdom. American Heritage Railways operates three railroads in the U.S. and one railroad in Mexico, in addition to the Texas State Railroad.
For further information contact:
Iowa Pacific Holdings
Kevin W. Busath, vice president – strategic planning
312-348-6086 or firstname.lastname@example.org
American Heritage Railways
Jeffrey D. Jackson, senior vice president & chief operating officer
305-336-8400 or email@example.com
Texas Railroad Authority
Steve Presley, president
903-731-3007 or firstname.lastname@example.org