A new US transportation and logistics infrastructure investment venture, created by Ridgewood Infrastructure and Savage Enterprises, has bought a marine terminal.
Transportation Infrastructure Partners has invested an undisclosed sum to buy Carolina Marine Terminal (CMT), the multi-modal marine dry good bulk port facility in Wilmington, North Carolina.
CMT provides transport, logistics management, and product handling services.
In March, Ridgewood and global transportation and materials handling firm Savage established Transportation Infrastructure Partners.
CMT is the partnership’s first acquisition. Savage will be the operator of investments made by the joint venture, including CMT.
Ryan Stewart, MD of Ridgewood Infrastructure, said: “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 CEO of Savage, said: “In the years ahead, we’ll continue to focus on providing innovative, cost-effective solutions to CMT’s growing base of customers.”
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