In July 2019, Arkadia Capital acquired Pioneer Lines in a take-private transaction that aligned its shareholders, board and management. Pioneer was a public company that operated 15 short line railroads serving the industrial base of 12 U.S. states. Within three years, Arkadia Capital grew Pioneer more than 40%, while providing an industry leading team the resources to modernize the company’s infrastructure, improve its efficiency, and establish an award-winning safety culture. Pioneer’s team was widely recognized for its leadership in safety and transforming its railroads into relevant and valuable partners to its customers and the communities in which it operates.