RII performed the due diligence for acquisition of Patriot Rail, a system including 11 short line railroads by Steel River Infrastructure in 2012. Services included detailed inspection of all equipment and track assets, estimating expected rehabilitation costing where relevant, examining all traffic and operating plans, agreements and developing operational feasibility. Financial analysis included projecting revenues and profitability on each line as well as the purchase as a whole, including capital costs and ongoing maintenance and expenses. RII performed the due diligence on Patriot Rail again in 2019 when Steel River sold its assets to First State Investments and Royal Bank of Canada. RII analyzed 12 short line railroads with 585 miles of track and 6 rail served facilities, including costing expenses for all 18 facilities and revenue projections for 30 years. The services included inspection of a major sample of all railroad’s locomotives and railcar fleet, as well as the largest 4 railroads for track, structures and maintenance/capital projections. RII modeled all operation expenses and revenues and incorporated into Bank of Canada’s proprietary model sell side, investment side and risk scenarios. Revenue projections included market research and forecasting on all major commodities moved for each railroad, incorporating industry growth factors, rate escalation and ancillary services.