Investment firm Redwood Holdings, Baltimore, Md., announced it has agreed to acquire Canal Barge Company Inc., New Orleans. Financial details were not disclosed.
Redwood, which describes itself as "a family-owned holding company that provides a permanent home for founder, family, and management-owned businesses," said the acquisition is its second investment in the U.S. Jones Act market. The deal will be finalized through a newly formed holding company controlled by Redwood.
The acquisition pairs Canal Barge with Marquette Transportation Company LLC, Paducah, Ky., which Redwood purchased in May 2024. The two companies will now operate under the same corporate umbrella, combining their complementary strengths in the marine transportation sector.
“Redwood is excited to add a second industry leader in the Jones Act market to its family of companies and is committed to building upon the strong Canal Barge legacy that the Jones, Huger, and Lane families have created in partnership with the Canal Barge team over the last 90+ years,” the company said in a statement.
Canal Barge provides specialized marine transportation, logistics, terminaling, and harbor services to a wide range of industrial customers. The company currently owns 49 inland towboats and a total of about 900 tank, open hopper, and deck/project cargo barges.
Marquette, meanwhile, is a top provider of barge towing services for both dry and liquid cargo markets, with an integrated logistics model spanning river, gulf, and offshore operations. Its fleet consists of 60 river towboats, 65 Gulf-Inland vessels, nine offshore tugs, and more than 800 barges.
Merritt Lane, the current CEO of Canal Barge, will take the helm as CEO of the combined holding company. David Lane will continue in a senior leadership role overseeing Canal Barge's operations. John Eckstein, executive chairman of Marquette, will serve as executive chairman of the holding company, while Damon Judd, Marquette’s president and CEO, will be named president of the new entity and continue to lead Marquette’s operations.
The merger positions the two firms to jointly capitalize on their collective expertise and industry presence. According to Redwood, the combined entity will be supported with additional growth capital to enhance service capabilities and create new opportunities for employees.
The transaction is expected to close in the late third quarter of 2025, pending customary closing conditions and regulatory approvals under the Hart-Scott-Rodino Act.
“We are extremely excited to partner with Redwood and Marquette to grow our businesses together,” said H. Merritt Lane III, president and CEO and chairman of the board of Canal Barge. “Redwood is the ideal long-term home to continue the legacy of the CBC Family and provide opportunities to our mariners and shore-based employees. We are excited about this next chapter for our business and believe that Canal Barge will be well-positioned to provide the highest quality service to our customers and find additional areas of growth.”
"The Marquette Transportation team is proud to welcome Canal Barge as a sister company through shared Redwood ownership," said Damon Judd, CEO and president of Marquette. "With complementary services and shared values, this partnership strengthens our ability to expand the breadth and depth of our services across the diverse range of markets that we each serve. Canal Barge has an outstanding reputation and is a great fit for our people and our customers. The combined passion, experience, and dedication of our mariners and shore-based teams will drive our joint success."
“The Canal Barge team has built an industry-leading business over 90+ years exemplifying values consistent with both Redwood and Marquette. We are excited to carry on the legacy of Canal Barge, with a continued focus on safety and customer service,” said Ryan Mostrom, partner at Redwood Holdings. “Redwood is committed to long-term growth for our employees. We believe that both Canal Barge and Marquette are unique companies with common commitments to safety, exceptional talent, deep customer partnerships, strong people-oriented cultures, and outstanding prospects for growth. We are committed to creating the leading platform in Jones Act marine transportation and logistical solutions.”
