Northborne Partners Advises Rail Modal Group on Investment from InfraRed Capital Partners

MINNEAPOLIS, Aug. 3, 2026 /PRNewswire/ -- Northborne Partners today announced that it served as the exclusive financial advisor to Rail Modal Group ("RMG" or the "Company") in connection with a strategic investment from InfraRed Capital Partners ("InfraRed"), a leading international infrastructure asset manager. Financial terms of the transaction were not disclosed.

Founded in 2018 by Greg Oberting, who remains invested in and will continue to lead the business, RMG moves freight efficiently from the producer's door to the foreign port. Through its inland terminals, RMG partners with railroads and ocean carriers to deliver an integrated containerized export solution for U.S. shippers. The platform provides cost-effective transportation and greater access to global markets for producers and processors located far from marine ports and intermodal options. By facilitating efficient, end-to-end transport from producer to port, RMG serves as critical infrastructure within the agricultural supply chain.

Ben Marks, Managing Director at Northborne commented, "RMG has built a truly differentiated infrastructure platform that plays a critical role in connecting U.S. producers to global markets. Under Greg's leadership, the Company has developed one of the largest private inland intermodal terminal networks in the United States and established deep relationships across the agricultural supply chain. We were honored to advise RMG on this transaction and help find a partner that will support the Company's long-term growth objectives."

Greg Oberting, Founder and Chief Executive Officer of RMG, commented on Northborne's involvement, "Northborne was an exceptional partner for us. The Northborne team took the time to understand our business, growth strategy and long-term objectives. Their knowledge of infrastructure and transportation markets and thoughtful guidance brought us into contact with InfraRed, the perfect partner for our next phase of growth. We are grateful for Northborne's counsel and look forward to the continued growth of our infrastructure and logistic solutions powering North American exports."

Northborne is the leading middle market advisor to businesses in the rail & rail services industry. This transaction marks Northborne's 17^th completed rail-related transaction in the past five years.

Koley Jessen served as legal counsel to RMG.

About Northborne Partners

Northborne Partners is a leading middle market investment bank specializing in mergers and acquisitions (M&A) advisory for private business owners seeking successful outcomes at defining moments. The firm was purpose-built to help founders, entrepreneurs, family-owned businesses and private equity firms sell their companies. With deep industry expertise and relationships, Northborne Partners has built a track record of industry-defining transactions across the Industrials & Infrastructure, Services, Healthcare and Food & Consumer sectors. Northborne Partners brings sophistication to the middle market through senior-level attention and a customized approach proven to deliver premium outcomes for clients when it matters most. Northborne Partners is headquartered in Minneapolis, MN with an additional office in Atlanta, GA. For more information on the firm's sell-side M&A advisory services and experience, visit northborne.com.

About Rail Modal Group

Rail Modal Group is a leading inland intermodal terminal and logistics platform serving agricultural producers, processors and other businesses across the U.S. Midwest and Plains. RMG owns and operates four large-scale terminals that connect regional customers with the North American Class I rail network and major U.S. gateway ports. Through its terminal, transloading and logistics services, RMG converts available inbound container capacity into efficient outbound export movements, helping customers reduce transportation costs, increase supply-chain efficiency and access international markets. For more information, please visit railmodalgroup.com.

About InfraRed Capital Partners

InfraRed is a leading international mid-market infrastructure asset manager. Over the past 25 years, InfraRed has established itself as a highly successful developer, particularly in early-stage projects, and an active steward of essential infrastructure. InfraRed manages US$13bn of equity capital[1] for investors around the globe in listed and private funds across both core and value-add strategies. InfraRed combines a global reach, operating worldwide from offices in London, Frankfurt, Madrid, New York, Sydney and Seoul, with deep sector expertise from a team of more than 160 people. InfraRed is part of SLC Management, the institutional alternatives and traditional asset management business of Sun Life, and benefits from its scale and global platform. For more information, please visit www.ircp.com.

[1] Uses a 5-year average FX between currency pairs as at 31 December 2025: USD per GBP – 1.2900; USD per EUR – 1.1125. EUM of USD 13.3bn.

SOURCE Northborne Partners