Private equity financiers have actually gotten on the procurement route in the yank and also barge industry, with both Vancouver,Wash headquartered Tidewater Transportation & & Terminals and also Muskegon,Mich based Andrie,Inc discovering brand-new proprietors.
Tidewater Transportation has actually been obtained from Stonepeak Infrastructure Partners by a capitalist team that consists of Upper Bay Infrastructure Partners, Ullico, funds and also accounts under monitoring by Black Rock, Silverfern, and also various other co-investors.
Tidewater’s procedures consist of Tidewater Barge Lines, and also Burnaby, British Columbia, headquartered Island Tug and also Barge (ITB), the West Coast’s biggest mass carrier of polished oil items. ITB Subsea, a department of ITB, provides a variety of aquatic solutions consisting of undersea cord laying, ROV solutions, and also aquatic building and construction
“Tidewater is the premier inland marine transportation company in the Northwest,” stated Marietta Moshiashvili, Managing Partner and also Chief Executive Officer ofUpper Bay Infrastructure Partners “This acquisition provides us with a unique opportunity to add an outstanding company to our investment portfolio. We look forward to being part of Tidewater’s legacy and growth.”
“The Tidewater management team is excited about our new ownership by Upper Bay and the Investor Group,” stated Bob Curcio, Chief Executive Officer ofTidewater “When considering the future for the company, the management team’s top priority is to ensure our customers continue to see the same high-quality, economical service that Tidewater has delivered for 87 years.”
Andrie, LLC, meanwhile, notes the 6th procurement in 16 months by Auxo Investment Partners and also improves its December 2017 procurement of New Orleans based completely dry mass barge driver M/G Transport Services.
Andrie, established in 1988, by Barbara Andrie, mom of the existing Chief Executive Officer, runs throughout the Great Lakes, Cement comprises the majority of its quantity, complied with by asphalt, light oil items, and also calcium chloride. It presently runs 19 vessels and also has a labor force of 150.
“This company has been a big part of my family since its earliest days, so deciding to bring in a new partner wasn’t a decision we took lightly,” stated Stan Andrie Jr., that will certainly stay as the business’s Chief Executive Officer. “But I was struck by Auxo Investment Partners’ leadership, Midwest roots and strong ties to the marine industry as a result of its ownership of M/G Transport Services. Not only is this new partnership a cultural fit that will preserve the legacy of what we’ve accomplished, it’s one that will position us for strong growth in the years ahead.”
Auxo states that while Andrie and also M/G Transport Services transportation various items over various locations (M/G Transport Services operates rivers), both are leading gamers in their corresponding areas, and also share an enthusiasm for superb customer support. Two popular sector numbers, Greg and also John Binion, will certainly offer on Andrie’s brand-new board, as they provide for M/GTransport Services The 2 business will certainly run under the recently developed Auxo Marine system.