Winnipeg, Manitoba (MB) and Salt Lake City, Utah (UT), Feb. 23, 2026 (GLOBE NEWSWIRE) — Cando Rail & Terminals (“Cando”) and Savage Enterprises LLC (“Savage”) today announced the execution of a definitive agreement for Cando to acquire Savage Rail (“Savage Rail”). The mutually beneficial deal will make Cando North America’s market leader in first and last mile rail operating services and terminal infrastructure, and it positions Savage for strategic growth opportunities by refining its business portfolio.
Savage Rail is a leading U.S. rail provider with operations across the U.S. and a platform of rail assets in key markets, including along the Midwest, Gulf Coast, and Southeast corridors. The transaction will accelerate Cando’s U.S. expansion plans, while strengthening its existing network in Canada. The combined company is expected to operate a coast-to-coast network of assets in North America with no geographic overlap that will include 36 railcar storage, staging, and/or transload terminals; three short-line railways; and 80 first and last mile rail service operations, as well as 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 & 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.”
Combining the two businesses also aligns with Savage’s goals of growing its businesses and its people, both by creating new opportunities for its rail services team by joining a large, rail-focused company and also by obtaining capital from the sale to invest in expanding its existing food and fuel-focused businesses.
“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.”
“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,” said Mike Miller, Senior Vice President and Rail Services Leader, Savage Rail. “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.”
Expanded network and greater connectivity for customers
The cross-continental North American footprint will improve reach, efficiency, and responsiveness. Customers will gain access to a broader, more connected rail network that supports production certainty and enables faster, more efficient movement of goods. Direct connectivity to all six Class I railroads will enable Cando to work together with the Class Is to help improve customers’ ability to move product seamlessly across the continent.
Shared values and continued commitment to team members
Cando and Savage are both growth-oriented organizations, with shared histories and values, people-focused cultures, and commitment to exceptional customer service, safety, and long-term development. The two highly compatible workforces will total more than 2,000 combined employees across Canada and the U.S. Cando will work closely with local leadership and management teams to ensure continuity and accountability for team members and customers.
Cando will maintain its global headquarters in Manitoba and plans to establish a new U.S. headquarters in Salt Lake City, Utah.
The addition of Savage Rail builds on Cando’s recent acquisition of its Channelview Terminal and associated rail operations located on the Houston Ship Channel. The Savage Rail transaction is Cando’s fourth acquisition in just over two years, together representing more than $1 billion in capital investment.
The transaction is anticipated to close in the second quarter of 2026, subject to closing conditions and customary regulatory approvals.
About Cando Rail & Terminals
Cando Rail & Terminals is North America’s leading provider of specialized rail operating services and terminal infrastructure that allow industrial shippers to optimize their supply chains and connect to Class I railways by leveraging Cando’s operating capabilities and network of owned multi-purpose rail terminals. The company provides a wide range of rail services including industrial switching, material handling, terminal & transload services, short line operations, railcar staging, train assembly, and related services.
About Savage
Established in 1946, Savage is a private company based in Midvale, Utah that owns and operates Bartlett, Energy & Mineral Services, Rail Services, Refinery Services, and Texon. With more than 4,900 team members in nearly 200 locations across the U.S., Canada, Mexico, and Saudi Arabia, our companies are integral to the global supply chain, helping our customers and partners feed the world and power our lives.