Transportation Infrastructure Partners, a joint venture between Ridgewood Infrastructure and Savage, recently acquired the Carolina Marine Terminal (CMT).
The Wilmington NC terminal is a multi-modal marine dry good bulk port facility that provides mission-critical transport, logistics management and product handling services to a diverse and outstanding customer base, the company said.
“CMT has earned a reputation for delivering best-in-class stevedoring, storage and distribution services,” said Kirk Aubry, president and chief executive officer of Savage. “In the years ahead, we’ll continue to focus on providing innovative, cost-effective solutions to CMT’s growing base of customers.”
For additional information about CMT, visit carolinamarineterminal.com.
Last quarter, Ridgewood, an infrastructure investor in the US, 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. “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.”
Mike McCarley and Kevin Walker, founders and former owners of CMT, said they believe the terminal is in good hands going forward.
“We’re thrilled to have Transportation Infrastructure Partners as the new owner of CMT,” they maintained. “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.”