Cando to acquire Savage Rail in cross-border deal

Cando Rail & Terminals has signed a definitive agreement to acquire Savage Rail from Savage Enterprises LLC, a move the companies say will create North America’s largest first- and last-mile rail operating and terminal infrastructure provider.

The combined company is expected to operate 36 railcar storage, staging and transload terminals, three short-line railways and 80 first- and last-mile rail service operations across Canada and the United States, with access to all six Class I railroads.

“The industrial rail environment is fundamentally different than a decade ago – customer supply chains are increasingly continental, and they choose partners that can support their evolving needs with greater reach and efficiency. Bringing Cando and Savage Rail together will create the leading integrated rail terminal and infrastructure company in North America to meet these needs and beyond,” said Brian Cornick, president and CEO of Cando Rail & Terminals. “By combining two highly complementary teams and capabilities with Cando’s strong financial profile, we’re creating a stronger, more resilient platform to support our customers, team members, and communities today and invest for the long term. We are excited to welcome the Savage Rail team to the Cando family.”

Savage Rail operates across key U.S. corridors, including the Midwest, Gulf Coast and Southeast.

“This is a great opportunity for Savage Rail and Savage as a whole,” said Savage’s president and CEO Jeff Roberts. “We’re excited about the additional offerings Cando will provide for our rail services customers as a pure-play rail company as well as the investment opportunities that this sale will provide for our other businesses.”

Mike Miller, senior vice-president and rail services leader, Savage Rail, said: “Combining with Cando represents a logical next step in our growth journey and the continued evolution of our rail assets. Cando shares our commitment to deliver safe, reliable rail operations at critical points in our customers’ supply chains and provides meaningful opportunities for our people. This combination allows us to preserve what makes our rail business special while giving our customers and teams access to broader resources and a North American platform that’s built for sustainable growth.”

The companies said the deal will expand Cando’s U.S. footprint while strengthening its Canadian network. The combined workforce will total more than 2,000 employees.

Cando will keep its global headquarters in Manitoba and establish a new U.S. headquarters in Salt Lake City, Utah.

The transaction is expected to close in the second quarter of 2026, subject to regulatory approvals and customary closing conditions.