US-based International Rail Partners (IRP) has acquired Grenada Railroad (GRYR) from Iowa Pacific for an undisclosed amount.

IRP will operate Grenada through a lease-purchase agreement with the North Central Mississippi Regional Railroad Authority (NCMRRA).

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Grenada operates 212 miles of rail line between Memphis, Tennessee, and Canton, Mississippi. The railroad moves around 10,000 carloads of freight yearly. This includes commodities such as forest products, plastics, petroleum products, flour and grain.

“We are pleased to announce the acquisition of the Grenada Railroad, the first by our newly-formed rail venture. We look forward to working with NCMRRA, shippers and the local community.”

International Rail Partners chairman and CEO Gary Marino said: “We are pleased to announce the acquisition of the Grenada Railroad, the first by our newly-formed rail venture. We look forward to working with NCMRRA, shippers and the local community to grow and enhance Grenada’s short line rail operation.

“Our company has strong financial backing that, combined with our own capital, will provide the funding necessary to compete in the reinvigorated rail acquisition market. We plan to strategically invest where significant value can be added through our organisational expertise.”

IRP, in cooperation with NCMRRA, intends to restore service in the 81-mile southern portion of the line running from Grenada to Canton, which was closed in 2011.

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Last year, the US Department of Transportation provided IRP with a  $7.5m grant to assist with restoration of the line. The grant will enable IRP to market rail services to a region.

NCMRRA president Larry Hart said: “The NCMRRA looks forward to working with IRP to provide safe and dependable rail service to customers on GRYR.

“In addition, the anticipated re-opening of the line south of Grenada, as identified by MDOT, is expected to provide new access for shippers and enhance economic development in central Mississippi.”