Northborne Partners Advises Sierra Railroad Company on its Sale to Ridgewood Infrastructure

MINNEAPOLIS, March 11, 2026 /PRNewswire/ -- Northborne Partners today announced that it served as the exclusive financial advisor to Sierra Railroad Company ("Sierra" or the "Company") on its sale to Ridgewood Infrastructure ("Ridgewood"), a leading investment firm focused on essential infrastructure in the United States. Financial terms of the transaction were not disclosed.

Founded in 1897, Sierra is a California-based short line rail platform providing freight rail, switching, storage and transloading services to a diversified customer base across key essential industrial, agricultural and energy supply chains. Sierra's operating subsidiaries include Sierra Northern Railroad, which owns and operates the Company's freight rail business and provides switching, storage, and transloading services across approximately 130 miles of track in California. The transaction also includes Railpower, Inc., which owns and operates the only Federal Railroad Administration ("FRA")-approved hydrogen-powered locomotive in the United States, underscoring Sierra's leadership in rail innovation and lower-emissions locomotive technology. In addition, the acquisition includes a passenger rail business, which broadens the platform's operating capabilities and long-term growth optionality.

Ben Marks, Managing Director at Northborne commented, "Sierra is a true leader in the rail industry, from freight rail and transload development to grain handling and zero emission locomotive technology. This transaction underscores the strong investor demand for high quality rail and logistics infrastructure assets, and we were honored to advise Sierra on finding an investor to support its continued growth."

About Northborne's involvement in the transaction, Mike Hart, Founder of Sierra Railroad Company, commented, "Northborne guided us through a pivotal moment in Sierra's history. Their deep industry knowledge, thoughtful advice and steady support were instrumental in achieving a successful outcome. We are excited to partner with Ridgewood to accelerate our growth strategy."

Northborne is the leading middle market advisor to businesses in the rail & rail services industry. This transaction marks Northborne's 15^th completed rail-related transaction in the past four years.

Honigman LLP served as legal counsel to Sierra.

About Northborne Partners
Northborne Partners is a preeminent middle market investment banking firm focused on providing M&A advisory services to companies in the 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 Sierra Railroad Company
Sierra Railroad Company is a California-based rail platform whose subsidiaries include Sierra Northern Railroad, a shortline freight rail operator providing switching, storage, and transloading services across approximately 130 miles of track; Railpower, Inc., a hydrogen locomotive development business; and passenger rail operations and rights along Sierra's mainline. For more information, please visit sierrarailroad.com.

About Ridgewood Infrastructure
Ridgewood Infrastructure invests in essential infrastructure businesses across the transportation, energy, utilities, and industrial sectors. The firm focuses on assets that provide critical services, exhibit durable demand, and offer opportunities for value creation through operational improvement and strategic growth. For more information, please visit ridgewoodinfrastructure.com.

SOURCE Northborne Partners