Harris Williams Advises Carolina Marine Terminal, Inc. on its Investment from Transportation Infrastructure Partners, a Joint Venture Between Ridgewood Infrastructure and Savage

June 1, 2020

Harris Williams, a global investment bank specializing in M&A advisory services, announces that it advised Carolina Marine Terminal, Inc. (CMT), a leading privately owned port facility, on its investment from Transportation Infrastructure Partners, a joint venture between Ridgewood Infrastructure and Savage. The transaction was led by Jeff Burkett, Jonathan Meredith and Brett Bordlee of the Harris Williams Transportation & Logistics (T&L) Group and is a testament to the ability to achieve successful outcomes despite today’s uncertain market.

“This transaction deepens our firm’s experience advising companies across the highly attractive transportation infrastructure space,” said Jeff Burkett, a director at Harris Williams. “Co-founders Mike McCarley and Kevin Walker have designed and grown CMT into a truly unique marine terminal asset. We believe Savage and Ridgewood Infrastructure will continue to build upon CMT’s legacy of premier quality, efficiency and customer service.”

“We continue to see strong interest in strategic infrastructure assets with compelling competitive advantages,” said Jonathan Meredith, a vice president at Harris Williams. “We are proud to have represented CMT on this transaction and look forward to following the company’s next chapter in partnership with Transportation Infrastructure Partners.”

“Unique essential businesses that own or provide critical services to strategic infrastructure assets are attractive platform and add-on M&A opportunities for a myriad of investors. Providing world-class advisory services to infrastructure businesses like CMT is the focus of our transportation infrastructure services (TIS) sector initiative. We expect this transaction will be the first of many coming out of our TIS efforts,” said Frank Mountcastle, co-head of the Harris Williams T&L Group.

CMT is a privately owned marine terminal specializing in dry bulk cargoes. Located in Wilmington, North Carolina, the company offers a full range of services that span stevedoring, storage and warehousing, and distribution via both truck and rail.

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.

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% 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.

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.

Harris Williams, an investment bank specializing in M&A advisory services, advocates for sellers and buyers of companies worldwide through critical milestones and provides thoughtful advice during the lives of their businesses. By collaborating as one firm across Industry Groups and geographies, the firm helps its clients achieve outcomes that support their objectives and strategically create value. Harris Williams is committed to execution excellence and to building enduring, valued relationships that are based on mutual trust. Harris Williams is a subsidiary of the PNC Financial Services Group, Inc. (NYSE: PNC).

The Harris Williams T&L Group serves companies in a broad range of attractive niches, including automotive and heavy duty vehicle, transportation equipment, third-party logistics (3PL), and truck, rail, marine and air transportation. For more information on the firm’s T&L Group and other recent transactions, visit the T&L Group’s section of the Harris Williams website.

Harris Williams LLC is a registered broker-dealer and member of FINRA and SIPC. Harris Williams & Co. Ltd is a private limited company incorporated under English law with its registered office at 8th Floor, 20 Farringdon Street, London EC4A 4AB, UK, registered with the Registrar of Companies for England and Wales (registration number 07078852). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. Corporate Finance Advisors GmbH is registered in the commercial register of the local court of Frankfurt am Main, Germany, under HRB 107540. The registered address is Bockenheimer Landstrasse 33-35, 60325 Frankfurt am Main, Germany (email address: hwgermany@harriswilliams.com). Geschäftsführer/Directors: Jeffery H. Perkins, Paul Poggi. (VAT No. DE321666994). Harris Williams is a trade name under which Harris Williams LLC, Harris Williams & Co. Ltd and Harris Williams & Co. Corporate Finance Advisors GmbH conduct business.