Goldman fund sells stake in port operator SSA Marine

Subscribe to our newsletter and get the latest news and business opportunities in your inbox
Goldman fund sells stake in port operator SSA Marine

Goldman Sachs's infrastructure private equity arm, Goldman Sachs Infrastructure Partners (GSIP), has pulled out of its investment in US container operator SSA Marine.

Funds controlled by GS Infrastructure Partners (GSIP) originally bought an undisclosed equity stake in SSA parent company Carrix in 2007.

A firm called FRS Capital Corp later became the parent company of Carrix- which includes SSA and terminal operation software company Tideworks Marine - joining GSIP and the Smith/Hemmingway family as shareholders.

Yesterday however, Carrix announced that GSIP had sold its stake to the Smith/Hemmingway family. Carrix said:

In a transaction that closed earlier today, the founding Smith/Hemingway family purchased all of the FRS Capital Corp. stock owned by its partners, entities owned by GS Infrastructure Partners and certain institutional investors. Following this purchase, Mr. Fernando Chico Pardo, a well-known Mexican businessman, through a holding company, made an investment in FRS Capital Corp., in exchange for a 49% ownership interest in FRS Capital Corp. The Smith/Hemingway family, which retains a controlling 51% ownership interest, also significantly increased its investment in FRS Capital Corp. These funds will be used to continue Carrix's growth as the largest, privately-owned, independent port developer and operator in the United States and Western Hemisphere.

SSA Marine, the world's largest independent, privately-held marine terminal operator, has activities at more than 210 terminal facilities and rail operations throughout geographies in the U.S., Canada, Mexico, Central America, South America, Asia, New Zealand and South Africa.

Carrix Chief Executive Knud Stubkjaer said that with Pardo's capital investment the firm was "well positioned to continue expanding our activities, enhancing existing operations and adding new terminals, as well as implementing technological upgrades."

Mr. Chico, in summing up his rationale for investing, said:

"I am looking forward to joining the Smith/Hemingway family in supporting and advancing Carrix in its many activities. Carrix's track record speaks for itself. The depth of experience in Carrix's management team is unparalleled in the industry and provides the foundation for their continued position as the most productive and reliable terminal operators in the Americas. The team's dedication to place their customers first, understanding and servicing their requirements, coupled with what we see as a world-class portfolio of strategically well positioned terminals and other assets, will be the spring board for sustained future growth."

 

List of country news

Country news

  • January 14, 2014

    Florida Accepts Unsolicited Proposal for SR-54&56 Toll Road

    Florida state transportation officials have accepted an unsolicited proposal from private investors who want to build and operate an elevated toll road in the State Road 54/State Road 56 corridor in southern Pasco County, Florida. Read more
  • January 14, 2014

    CIBC Boosts Infrastructure Finance Team

    The Financial Post reported in its Tuesday, Jan. 14, edition that Canadian Imperial Bank of Commerce (CIBC) is boosting its Global Infrastructure Finance group. Read more
  • January 15, 2014

    Indiana receives six proposals for Illiana Corridor P3 project

    The Indiana Finance Authority (IFA) and Indiana Department of Transportation (INDOT) announced yesterday the receipt of six responses to the Request for Qualifications (RFQ) to develop, design, build, finance, operate and maintain the Indiana portion of the Illiana Corridor and I-65 added capacity projects. Read more
  • January 16, 2014

    GIP and FORTISTAR Sell U.S. Power Plant

    On January 10, 2014, Global Infrastructure Partners (GIP) and FORTISTAR,  a power sector investor, announced  that they have completed the sale of the Channelview cogeneration facility to Energy Investors. Read more
  • January 16, 2014

    Virginia Receives Unsolicited Proposal for Tunnel P3, Alternative Proposals Sought

    The Chesapeake Bay Bridge and Tunnel Commission has considered an unsolicited proposal for a Public private partnership project in the state of Virginia and it is requesting alternative proposals. Read more

Share this news

Join us

In order to get full access to News section, you must have a full subscription. You can check all the benefits of becoming a member and purchase a subscription on our membership page.