Updated: Jan 28
Short line rail operator Salt Lake Garfield & Western Railway Company (SLGW) was acquired by Patriot Rail Transportation Company LLC and Patriot Rail Services Company, LLC (Patriot) on December 31, 2020.
Bowers Capital Advisors, LLC were the exclusive Financial Advisors to Salt Lake Garfield & Western Railway Company during the sale process.
“The agreement aligns with Patriot’s vision of future growth as a premier service provider in the U.S. short line railway industry and complements the Patriot portfolio,” said John Fenton, CEO of Jacksonville-based Patriot in a press release put out by Patriot. “SLGW provides premier service to its customers and we are honored to carry that legacy forward. CEO Mariana Mavor and her team have done a tremendous job expanding capacity and sending creative solutions for shippers.”
Salt Lake City-based SLGW has added both track and transload services over the past few years and has plans to expand in 2021. “The state of Utah is thriving with growth projects. Patriot is excited to participate in these initiatives and we look forward to the evolving opportunities,” Fenton said in the same press release.
“We engaged Bowers Capital Advisors mid-2019 to perform a valuation. From beginning to end the process worked flawlessly. BCA’s Rob Valentine and Joe Mocciaro bring together two different optics and skill sets that complement each other perfectly. Rob and Joe made it so that the process was orchestrated in a smooth yet efficient, forward-moving manner,” said CEO Mariana Mavor when asked about SLGW’s experience with Bowers Capital Advisors.
“BCA handled the valuation, structuring of the transaction, tax planning surrounding the transaction and all of the accounting pieces related to the due diligence process. They met every one of the expectations that they set forth in our initial meeting. Finally, they made the process very easy for the owners of the company, such that they could continue to run the business while undergoing this process. Rob and Joe are both very professional, experienced and a true pleasure to work with.”
About Salt Lake Garfield & Western Railway
The Salt Lake Garfield & Western Railway Company (SLGW) was formed in 1891 with local and regional rail lines serving the Salt Lake City Valley. In continuous operations for over 125 years, today SGLW is a Class III short line railroad company that serves the local rail transfer, rail storage and rail-served warehouse requirements of a wide range of customers who are moving commodities into and out of the Greater Salt Lake City area.
About Patriot Rail
Patriot Rail & Ports is a leading operator of short line and regional freight railroads, rail services, and integrated port logistics companies throughout the United States. Patriot Rail operates 12 regional and freight short line railroads, a scenic rail excursion train, and five rail-related services companies with over 600 total rail miles across the United States.
Service capabilities include railcar storage, railcar repair and maintenance, railway clean-up and transfer, tank car cleaning and environmental services, contract switching, transloading, engineering services, excursion railroads, real estate, and track access.
About Bowers Capital Advisors LLC
Bowers Capital Advisors, LLC (“BCA”), is a financial advisory firm providing the full spectrum of merger, acquisition, capital raising and strategic advisory services.
BCA offers expertise and financial acumen across a wide range of industries. We have an extensive network of key stakeholder relationships, and a proven track record of more than $1 billion in completed transactions by Bowers Principals. Every transaction we make is built on the same belief – we can leverage our expertise to increase the net worth of our clients.
As merger and acquisition specialists, we understand the concerns of buyers and sellers and how to drive value for our clients. Most importantly, our experienced and seasoned transaction team has a history of delivering results.
About Bowers & Company CPAs, PLLC
Bowers & Company CPAs, PLLC is a premier accounting, financial planning and business consulting firm to a wide range of industries with more than 50 years of analysis and accumulated knowledge among specific industries. In that time, we have served tens of thousands of clients, and built a comprehensive set of services that enable us to leverage our expertise to increase the net worth of our clients.
Bowers & Company’s Railroad Group is the premier accounting, financial planning and business consulting services group to the short line railroad industry. We have proven that the growth and prosperity of our clients is enhanced by the financial guidance we provide them.
Our expertise is based on 40 years of analysis and accumulated knowledge of the short line railroad industry. In that time, we have served more than 150 railroad clients. We have built a comprehensive set of services that enable us to understand and meet any railroad or railroad supplier’s needs, no matter what stage their business is at.