NEW YORK, June 1, 2020 /PRNewswire/ -- 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."
About Transportation Infrastructure Partners
Transportation Infrastructure Partners is a joint venture between Ridgewood Infrastructure and Savage focused on acquiring and operating critical transportation and logistics infrastructure throughout the United States. Savage will be the operator of investments made by the joint venture.
About Ridgewood Infrastructure
Ridgewood Infrastructure invests in essential infrastructure in the U.S. In addition to Transportation Infrastructure Partners, some of Ridgewood's recent investments include the Vista Ridge Regional Water Supply Project, a long–term contracted 142–mile water pipeline, which is expected to supply the city of San Antonio, Texas with approximately 20 percent of its fresh water; Undine LLC, which owns and operates regulated water and wastewater utilities in several major U.S. markets; and SiEnergy, which is among the largest and fastest growing regulated natural gas local distribution companies in Texas, serving approximately 25,000 customers.
Ridgewood Infrastructure is part of the affiliated Ridgewood Companies, a leading real asset investment manager with $6 billion in total capital and commitments focused on investments in infrastructure and energy. For more information, please visit www.ridgewoodinfrastructure.com.
Established in 1946, Savage moves and manages critical materials for Customers using rail, trucks, and marine vessels, and through the design, construction, and operation of terminals and other industrial facilities across North America and internationally. The company's purpose is to enable Customers and Partners to Feed the World, Power Our Lives, and Sustain the Planet. Savage provides comprehensive services across Customers' supply chains in the Agriculture, Energy and Chemical, and Environmental Sectors. For more information, please visit www.savageservices.com.
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SOURCE Ridgewood Infrastructure