Northborne Partners Advises Sierra Railroad Company, a Portfolio Company of Ridgewood Infrastructure, on its Acquisition of Central Valley Ag Transport

MINNEAPOLIS, March 16, 2026 /PRNewswire/ -- Northborne Partners today announced that it served as the exclusive financial advisor to Sierra Railroad Company ("Sierra" or the "Company"), a portfolio company of Ridgewood Infrastructure, on its acquisition of Central Valley Ag Transport ("CVAT"). 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 Northern Railway ("SNR"), a subsidiary of Sierra Railroad Company, owns and operates the Company's freight rail business and provides switching, storage and transloading services across approximately 130 miles of track in California.

CVAT is an owner and operator of agricultural products transload facilities serving customers along SNR's rail network. The acquisition of CVAT strengthens Sierra's platform by vertically integrating agricultural transload capabilities that are essential to California's dairy industry.

In a concurrent transaction, Northborne also advised Sierra on its sale to Ridgewood Infrastructure, a leading investment firm focused on essential infrastructure in the United States.

Ben Marks, Managing Director at Northborne commented, "The acquisition of CVAT is a highly strategic step for Sierra as it continues to build a differentiated short line rail platform. By vertically integrating critical transload capabilities, Sierra enhances service to its dairy and agricultural customers while driving greater volumes across its rail network. We were proud to work alongside Sierra to facilitate both the acquisition of CVAT and the concurrent sale of the Company to Ridgewood Infrastructure, positioning Sierra for long-term growth."

Northborne is the leading middle market advisor to businesses in the rail & rail services industry. This transaction marks Northborne's 16^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 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 Central Valley Ag Transport
Central Valley Ag Transport is an agricultural products transload operator serving dairy farmers and agricultural customers along Sierra Northern Railroad's network. For more information, please visit cv-ag.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