SAN DIEGO--(BUSINESS WIRE)--Pacific Imperial Railroad, Inc. (PIR) announced today that it has entered into a strategic advisory agreement with Diamond Capital Advisors, LLC (“Diamond”) in connection with raising up to $150 million. Under the agreement, the funds raised will provide PIR with the capital required to repair bridges and tunnels, and replace track and ties on the 70 miles of railroad track between the US/Mexico Border and connecting with Union Pacific Railroad at El Centro, California.
“We are extremely excited to have Diamond, a recognized leader in capital formation, as a key advisor and an integral part of our PIR team,” said PIR CEO, Donald J. Stoecklein. Gary Ferrell, Managing Director at Diamond, stated, “We are very pleased for the opportunity to participate in what we consider one of the most important investment opportunities in the Southern California region today.” Mr. Ferrell additionally indicated that Diamond understands the significance of providing the required capital to the PIR project, creating an operational rail system on the old Desert Line, allowing for the economic transportation of significant volumes of freight from the Maquilatropolis® region of Baja, California.
ABOUT DIAMOND CAPITAL ADVISORS, LLC
Headquartered in Los Angeles, California, Diamond is a premier middle market investment-banking group that provides financial advisory and investment banking services to a diverse client base, with securities cleared through Aaron Capital Inc., a member of FINRA and SIPC. (www.diamondcapadvisors.com).
ABOUT PACIFIC IMPERIAL RAILROAD, INC.
PIR is the only company providing railroad freight services on the Desert Line, servicing the Tijuana-Tecate region of Baja California, Mexico and eastern San Diego County, as a result of signing a 99 year lease with San Diego and Arizona Railroad (SD&AE) and San Diego Metropolitan Transit System (MTS). In total, the railway system is approximately 130 miles long, consisting of 70 miles of the Desert Line, incorporating over 57 bridges and tunnels. It is the only rail line that runs directly adjacent to approximately 755 manufacturing facilities (known as maquiladoras), or the Maquilatropolis®, which is approximately 14 miles south of the US-Mexico Border, and consists of companies such as Toyota, Hyundai, Mattel, Bose, Samsung, etc.