Morristown-based full-service railcar leasing company The InStar Group established in partnership with Sightway Capital have formed an agreement to purchase 2,146 railcars from transportation finance and logistics company CAI International.
The purchase expands the fleet of railcars owned by Instar and is the largest purchase by the company since its inception in 2016.
“This purchase marks a significant milestone for InStar and will immediately allow us to better serve our customers,” Umesh Choksi, president and chief executive officer of Instar, said in a statement. “We pride ourselves on providing comprehensive services and solutions to North American shippers and railroads, and the expansion of our fleet allows us to provide a more diverse product offering while further developing our services.”
The sale of 1,946 railcars has been completed, and a remaining 200 railcars are currently being manufactured. The sale of those railcars is expected to be completed in the second quarter of 2019.