An Exton company that made a killing hauling frack sand for natural gas drilling has sold a majority interest in its Marcellus Shale railroad.
The Myles Group of Exton sold a 70 percent interest in the Wellsboro & Corning Railroad for $18 million to RailAmerica Inc., of Jacksonville, Fla. The deal, announced Wednesday, also includes a 70 percent interest in the Industrial Waste Group, a company that transloads and stores freight, including the sand hauled by the railroad.
The Myles family will retain a 30 percent interest in the companies and continue in senior leadership roles, according to the announcement by RailAmerica, a publicly traded company that owns 43 short-line railroads in 27 states. The transaction is expected to close in the second quarter.