Northborne Partners Advises Savage in Connection with its Agreement to Sell Savage Rail to Cando Rail & Terminals

MINNEAPOLIS, March 2, 2026 /PRNewswire/ -- Northborne Partners today announced that it served as the exclusive financial advisor to Savage Enterprises LLC ("Savage") in connection with its announced execution of a definitive agreement to sell Savage Rail ("Savage Rail") to Cando Rail & Terminals ("Cando"). The transaction is anticipated to close in the second quarter of 2026, subject to closing conditions and customary regulatory approvals. Financial terms of the transaction were not disclosed.

Savage Rail is a leading U.S. rail provider with operations across the U.S. and a platform of rail assets in key markets, including along the Midwest, Gulf Coast, and Southeast corridors. The transaction will accelerate Cando's U.S. expansion plans, while strengthening its existing network in Canada. The combined company is expected to operate a coast-to-coast network of assets in North America with no geographic overlap that will include 36 railcar storage, staging, and/or transload terminals; three short-line railways; and 80 first and last mile rail service operations, as well as access to all six Class I railroads. The mutually beneficial deal will make Cando North America's market leader in first and last mile rail operating services and terminal infrastructure, and it positions Savage for strategic growth opportunities by refining its business portfolio. 

Ben Marks, Managing Director at Northborne, commented, "Having advised on numerous rail and rail‑services transactions, Northborne has seen firsthand how scale, multi-line connectivity and service quality are increasingly critical to customers, and in turn, to rail platforms' value creation strategies. The combination of Savage Rail and Cando exemplifies these themes, creating a highly complementary platform that is well positioned to lead the next phase of growth in first‑ and last‑mile rail services across North America."

Chris Klotsche, Director at Northborne added, "Savage Rail is an exceptional rail services platform with a well‑earned reputation for safety, reliability and operational excellence. It was a privilege to work with the Savage team on this transformative deal in the rail industry."

"This is a great opportunity for Savage Rail and Savage as a whole," said Savage's President and CEO Jeff Roberts. "We're excited about the additional offerings Cando will provide for our rail services customers as a pure-play rail company as well as the investment opportunities that this sale will provide for our other businesses." Regarding Northborne's involvement, Jeff commented, "Northborne's knowledge of the rail industry was invaluable as we evaluated strategic options for Savage Rail. We are grateful for their guidance in finding a partner that will support Savage Rail's next chapter of growth."

Northborne is the leading middle market advisor to businesses in the rail & rail services industry. This transaction marks Northborne's 14^th completed rail-related transaction in the past four years.

About Northborne Partners
Northborne Partners is a preeminent middle market investment banking firm focused on providing M&A advisory services to companies in the infrastructure, industrial, healthcare, services and food & consumer sectors, among others. It specializes in advising private-equity-owned and closely-held businesses on complex sell-side transactions. Northborne Partners is headquartered in Minneapolis, MN. For more information, please visit northborne.com.

About Savage
Established in 1946, Savage is a private company based in Midvale, Utah that owns and operates Bartlett, Energy & Mineral Services, Rail Services, Refinery Services, and Texon. With more than 4,900 team members in nearly 200 locations across the U.S., Canada, Mexico, and Saudi Arabia, its companies are integral to the global supply chain, helping its customers and partners feed the world and power our lives. For more information, please visit savageco.com.

About Cando Rail & Terminals
Cando Rail & Terminals is North America's leading provider of specialized rail operating services and terminal infrastructure that allow industrial shippers to optimize their supply chains and connect to Class I railways by leveraging Cando's operating capabilities and network of owned multi-purpose rail terminals. The company provides a wide range of rail services including industrial switching, material handling, terminal & transload services, short line operations, railcar staging, train assembly, and related services. For more information, please visit candorail.com.

SOURCE Northborne Partners