Chicago-based Investors Launch Railcar Leasing Company

Three Chicago-based investors, affiliates of Allstate, Duchossois Capital Management and CC Industries formed Riverside Rail, a new freight railcar leasing company.

Earlier this week the investor group acquired 2,032 railcars. The diversified railcar fleet includes a mix of covered hoppers, coal cars, mill gondolas, boxcars and centerbeams.

Riverside Rail plans to build a full-service leasing and management services company over the next several years.

BMO Harris Bank led a credit facility for the railcar acquisition, and Vedder Price served as legal counsel to Riverside Rail. Terms of the transaction were not disclosed.

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