By Ed Hammond and Kiel Porter

(Bloomberg) — Ports America, the carefully held maritime-terminal operator, is exploring a sale, individuals with data of the matter mentioned.

Highstar Capital, the non-public fairness agency that owns Ports America, is working with funding financial institution RBC Capital Markets LLC to discover a purchaser, mentioned the individuals, who requested to not be recognized as a result of the knowledge is non-public. The firm might be valued at about $1 billion in a sale, the individuals mentioned.

Ports America, which is predicated in New Jersey, has expanded since a predecessor firm was acquired by Highstar in 2007. Highstar added the Marine Terminals Corporation the identical 12 months, in keeping with Ports America’s web site, and an curiosity in Kao Ming Container Terminal in Taiwan in 2012.

Highstar, which might hint its origins again to insurer American International Group Inc., was bought by Oaktree Capital Group in June 2014. The Highstar group continues to handle the investments, except these within the agency’s 2011 classic pool, which is managed by Oaktree.

Spokesmen for Ports America and Highstar declined to remark. A consultant of RBC didn’t instantly reply to a request for remark.

Ports America is the biggest unbiased maritime terminal operator on the U.S. Atlantic and Gulf Coasts. The firm dealt with 10.1 million tons of common cargo and 1.7 million cruise ship passengers final 12 months, in keeping with its web site.

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