MELLON-OWNED PAN AM RAILWAYS GOES UP FOR SALE
Pan Am Railways, the largest regional railroad in North America and operator of 1,700 miles of track in the Northeast, including 121 in New Hampshire, is for sale, Trains Industry Newsletter reported.
The report quotes Anthony Hatch, an industry analyst, to say, “I would expect that everyone is going to be interested in it,” noting that financial firms have taken growing interest in regional and shortline railroads, which has led to rising valuations. Pan Am Railways (PAR) has been profitable since it began in 1981.
Likely buyers reportedly include the Canadian National Railway and Canadian Pacific Railway as well as several shoreline railroads, among them St. Lawrence and Atlantic Line, which stretches from Portland to the Vermont/Quebec border and includes 52 miles in New Hampshire.
Headquartered in Billerica, Mass., Pan Am Railways is a privately held company owned by Timothy Mellon, heir to the Mellon family fortune, and other investors. It provides freight service in Massachusetts, New York, Connecticut, Maine and Vermont as well as New Hampshire. Its rails connect to the Canadian National Railway, Canadian Pacific Railway, CSX and Norfolk Southern Railway as well as 20 other regional and shortline systems.
Pan Am Systems, the holding company that owns Pan Am Railways, is based in Portsmouth, NH.
In New Hampshire, Pan Am owns or operates five railway lines. The Pan Am Railways Main Line runs 35 miles between Plaistow and Rollinsford, carrying the Amtrak Downeaster between Boston and Portland with stops in Exeter, Durham and Dover. The New Hampshire Main Line stretches more than 40 miles from Nashua to Concord and carries three-quarters of all freight (by weight) reaching the state by rail. The 12-mile Hillsboro Branch, known as “the Hillsboro Running Track,” connects Nashua and Wilton and to the state-owned line, operated by the Milford-Bennington Railroad that extends the service 18 miles to Bennington.
SAN FRANCISCO COMPANY TO ACQUIRE PERSPECTA TRUST
San Francisco-based Jordan Park Holding Company has announced plans to acquire Perspecta Trust LLC of Hampton, a trust formed in 2007 by investors Paul Montrone and Paul Meister.
Jordan Park said the acquisition of Perspecta will enable it to expand its offering of a complete set of fiduciary wealth advisory services to clients of both Jordan Park and Perspecta. Following the acquisition, Jordan Park will oversee $25 billion in assets.
Upon closing, Perspecta will change its name to Jordan Park Trust Company, although there will be no change to its operations or location, and Meister will continue to serve on its board of directors.
Jordan Park was founded in 2017 by Frank Ghali, following a lengthy tenure at Goldman Sachs, and has since grown to manage nearly $12 billion in assets for families and institutions.
LTC PARTNERS REBRANDS TO FEDPOINT
LTC Partners of Portsmouth has changed its name to FedPoint, a change that the firm said better reflects the company’s evolution over the years and its future strategic direction.
The federal contractor, established in 2002 to administer the Federal Long Term Care Insurance Program (FLTCIP), FedPoint serves as a third-party administrator of large-scale insurance and health benefit programs for millions of active and retired members of the federal civilian workforce and military, as well as their dependents.
“I view this change as an important milestone in our company’s journey,” said FedPoint CEO Paul Forte. “While the FLTCIP remains a star performer, with some 267,000 insureds, the new name and logo better convey the full suite of services we provide today.”
