Global Infrastructure Partners (GIP) is investing $300m (€280m) in maritime, energy and logistics solutions company Crowley.
GIP’s Capital Solutions II (CAPS II) fund, is making the preferred equity investment in Crowley Preferred Funding to help fund key strategic capital and growth projects, including a greenfield jet fuel storage project in Darwin, Australia, and a new liquefied natural gas bunker barge.
The investment represents the fifth commitment made by GIP CAPS II.
Denny Sreckovic, a partner at GIP’s credit platform, said: “Crowley’s maritime transport assets provide a critical backbone in the infrastructure of global trade. Further, the company is well-positioned to capitalise on the expansion of offshore wind and other energy transition sectors.
“This investment exemplifies GIP’s ability to work with an experienced management team and offer customised transaction structures to support the build-out of high-quality infrastructure assets.”
GIP said the funds will be available through a customised delayed draw structure.
Crowley’s chairman and CEO Tom Crowley, said: “We welcome this opportunity to partner with GIP, a leading infrastructure investor, on this important transaction to support the continued strategic expansion of Crowley.
“As an experienced infrastructure investor and capital provider, GIP was able to seamlessly diligence and structure a financing that met our growth and capital structure objectives.”
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