InfraRed Capital Partners Takes Majority Stake in Intermodal Terminal Operator Rail Modal Group

InfraRed Capital Partners Buys Into Rail Modal Group's Inland Intermodal Network

London-based infrastructure asset manager InfraRed Capital Partners said a value-added fund it oversees has acquired a majority stake in Rail Modal Group (RMG), an Albany, N.Y.-based operator of inland intermodal terminals. RMG was founded in 2018 by Greg Oberting, who remains an investor and will continue as chief executive, overseeing operations.

RMG provides intermodal logistics services through a network of privately operated terminals that serve inland containerized export shippers. The company works with freight railroads and ocean carriers to move agricultural export containers from producers and processors that are far from marine ports. It describes itself as critical agricultural supply chain infrastructure. Its large-scale terminals consolidate producer freight into full-length unit trains of 100 or more railcars for delivery to West Coast ports.

Since 2018, RMG says it has shipped more than 1,200 unit trains, equivalent to roughly 200 million truck miles. For context, RMG notes that intermodal rail transloading handles more than 20 million containers a year, over 40% of U.S. long-distance freight moves by rail, and much of the $1.5 trillion U.S. agriculture sector is located far from export terminals.

InfraRed's Filip Guz, Partner and Head of Americas Investments, called RMG an established, asset-backed platform with a differentiated network and a pipeline of growth opportunities. RMG said it will continue investing in growth, expanding capacity and resilience at existing terminals, broadening services and developing new locations.

Why an Infrastructure Asset Manager Is Backing an Inland Container Play

InfraRed's Investment Thesis: An Asset-Backed Logistics Platform

The acquisition fits the profile of infrastructure investors that seek assets with physical infrastructure, recurring demand and room to scale. Guz described RMG as an established, asset-backed platform serving agricultural and logistics supply chains, with strong customer relationships and a compelling growth pipeline. InfraRed plans to support the company with capital, infrastructure expertise and operational resources. Keeping Oberting in place as CEO and as an investor reduces the leadership risk that often comes with a change of control. Financial terms, the exact size of the stake and the name of the value-added fund were not disclosed.

The Empty-Container Strategy Behind RMG's Model

Oberting, whose background is in agricultural commodity trading, built the business around a simple imbalance: the U.S. imports roughly twice as much as it exports in containers. That leaves large numbers of empty containers in inland hubs such as Chicago and Dallas. RMG, working with BNSF Railway and steamship lines, repositions those containers to inland depots, has them loaded with export products within five to 20 miles, returns them to an export terminal and puts them onto trains for West Coast ports. This turns empty freight capacity into revenue and lowers the cost of moving farm goods to global markets.

What the Deal Means for the Agricultural Export Chain

RMG's terminals are positioned where the agriculture industry is concentrated, not where ports are located. With majority ownership, InfraRed can direct capital toward RMG's stated priorities: more capacity at existing terminals, broader service capabilities and additional locations. That points to a larger inland export network and more unit-train volumes, which would benefit railroads and ocean carriers seeking to fill containers. It also raises the possibility of more competition for other inland intermodal operators and transloaders as the platform scales. These are implications drawn from the companies' statements rather than confirmed expansion plans.

What the InfraRed-RMG Deal Means for Shippers and Carriers

For shippers, carriers and investors tracking the deal:

• Agricultural producers and processors: RMG plans to expand capacity at current terminals and develop additional locations, which could improve export access for shippers far from coastal ports.
• Railroads and ocean carriers: RMG's growth depends on repositioning empty containers from inland hubs such as Chicago and Dallas to loading points, so expanded terminal networks mean more utilization of existing equipment and rail capacity.
• Competitors in inland intermodal: watch where RMG adds terminals and whether it replicates the BNSF partnership model at other railroads; each new site competes for the same agricultural export freight.