Market trends: Significant mergers, acquisitions, JVs and sales by terminal operators

By: | Issue #637 | at 08:20 AM | Channel(s): Ports & Terminals  Terminals  

Market trends: Significant mergers, acquisitions, JVs and sales by terminal operators

January 2014

Mitsui OSK Lines (MOL) sells a 49% stake in containership operator’s TraPac subsidiary, which has interests in box terminals in Los Angeles and Oakland to Toronto-based Brookfield Asset Management.
Goldman Sachs sells its 49% stake in the holding company of SSA Marine. SSA has interests in over two hundred terminals, mostly in the US but also in Mexico, Chile, Columbia and Vietnam. GS Infrastructure Partners sold its shares in SSA Marine’s ultimate parent company, FRS Capital Corp (the founding Smith/Hemingway family). In turn, Mexican businessman Fernando Chico Pardo acquired a 49% share in the terminal operator from FRS.
February 2014

Ports America refinances the debt facilities of both Ports America, Inc. and MTC Holdings, Inc. (MTC) into a single, unified capital structure. The refinancing consisted of a new five year, $475 million senior secured credit facility, including $170 million of revolving credit and letter of credit facilities, and a new 7-year, $375 million “Holdco” (holding company) financing. A group lenders led by Royal Bank of Canada provided the senior credit facility.
June 2014

APM Terminals sold its terminal in the Port of Virginia to Alinda Capital Partners, one of the largest infrastructure fund specialists particularly active in inland ports, and (similar to OTPF following Macquarie) UK-based Universities Superannuation Scheme Ltd.
Oaktree Capital Group acquires Highstar Capital. According to reports, Oaktree has been seeking to invest more in infrastructure in North America, partly to gain a stake in the booming oil & gas segment, while building out their infrastructure portfolio, especially in the port segment. Highstar owns Ports America.
UAE-based Gulftainer awarded 35-year concession of Port Canaveral’s container and cargo terminal in Florida. The award is significant as Dubai-based DP World was blocked from investment in US ports and sold (P&O Terminal USA) holdings to Ports America.
September 2014

In 2012, Hilco Global bought Sparrows Point out of bankruptcy, and partnered with Redwood Capital Investments in September 2014 to begin rebuilding the site into a state-of-the-art logistics park and multimodal center for global trade named Sparrows Point. In 2016 it was renamed Tradepoint Atlantic.
October 2014

Goldman Sachs says it will sell off the 33.3% stake (its shares with Prudential PLC) in Associated British Ports Holdings (ABP). The GS led consortium bought ABP in 2006 for £2.8 billion pounds ($4.47 billion) edging out Australian competitor Macquarie Bank Ltd. Borealis Infrastructure Management Inc. and Singapore’s GIC Special Investments each own a third of the company.

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American Journal of Transportation