First State Investments completed the acquisition of Patriot Rail and Ports from SteelRiver.

First State Investments, a private equity firm completed its acquisition of Patriot Rail and Ports, a portfolio of 12 short line freight railroads with more than 585 track miles across 14 states in the US, from SteelRiver Infrastructure Partners. Financial terms were not disclosed. The Patriot acquisition represents the initial unlisted infrastructure investment in the US by First State Investments, which manages more than $8bn of unlisted infrastructure investments across the United Kingdom, continental Europe, Australia, New Zealand, and North America, with a focus on mid-market companies in the transportation and utility sectors worldwide. "More than ever, short-line rail is a key player in the efficient movement of freight in this country. We look forward to working with First State Investments on growing Patriot's business over the long-term, with a continued focus on delivering value, service, and safety to our customers through the dedicated effort of our employees." John Fenton, Patriot CEO.