Transportation Infrastructure Partners, a joint venture between Ridgewood Infrastructure, LLC (“Ridgewood”) and Savage (“Savage”), today announced the acquisition of Carolina Marine Terminal, Inc. (“CMT”). CMT, a multi-modal marine dry good bulk port facility in Wilmington, NC, provides mission-critical transport, logistics management, and product handling services to a diverse and outstanding customer base. For additional information about CMT, please visit: www.carolinamarineterminal.com.
Last quarter, Ridgewood, a leading infrastructure investor in the U.S., and Savage, a global transportation and materials handling company, established Transportation Infrastructure Partners to jointly acquire and operate essential transportation and logistics infrastructure throughout the United States. CMT is Transportation Infrastructure Partners’ first acquisition. Savage will be the operator of investments made by the joint venture, including CMT.
“We are pleased to be initiating this joint venture with the acquisition of CMT,” said Ryan Stewart, Managing Director of Ridgewood Infrastructure. “CMT’s deep-water port, storage facilities, access to major rail and highway routes, and highly efficient operations combine to provide the company with a sustainable competitive advantage.”
Kirk Aubry, President and Chief Executive Officer of Savage, said: “CMT has earned a reputation for delivering best-in-class stevedoring, storage, and distribution services. In the years ahead, we’ll continue to focus on providing innovative, cost-effective solutions to CMT’s growing base of customers.”
“We’re thrilled to have Transportation Infrastructure Partners as the new owner of CMT,” said Mike McCarley and Kevin Walker, the former owners and founders of CMT. “We’re delighted that our customers and employees will be working with a group of the caliber of Savage and Ridgewood. We’re excited to watch them build upon our success and take CMT to the next level.”
Source: Ridgewood Infrastructure