Maritime Partners LLC, New Orleans, on Friday announced it has completed its acquisition of Centerline Logistics Corp., Seattle, continuing its expansion in the Jones Act market. Financial terms were not disclosed.
The maritime financing firm announced in June that an entity controlled by one of its managed funds entered into a definitive agreement to acquire the marine transportation company from its principal investors, which include Macquarie Capital and Silverbox Capital co-founder and managing partner, Steve Kadenacy. The deal was closed on Aug. 28.
Centerline’s management team will remain in place, with CEO Matt Godden continuing in his role and retaining a minority stake in the company, Maritime Partners said.
A leading maritime transportation provider, Centerline operates a large fleet of Jones Act-qualified liquid petroleum barges and tugs, among other marine assets, that service the West, East, and Gulf Coasts, plus Hawaii, Alaska, and Puerto Rico. The company also provides bunkering, ship assist and escort, general towing, and tank storage services.
Formed in 1987 as Harley Marine Services, Seattle, the company rebranded to Centerline Logistics in 2020 following financial restructuring and changes in leadership.
Privately-held Maritime Partners provides maritime financing solutions for vessels used in the Jones Act trade, with a managed fleet of more than 1,900 vessels, including towboats, barges, and oceangoing vessels available for charter.
"Centerline's position as one of the nation's largest operators of Jones Act-qualified liquid petroleum barges, their best-in-class leadership team, and their impressive track record of all-around operational excellence make this an ideal addition to our portfolio," said Bick Brooks, CEO of Maritime Partners. "Building on a decades-long legacy, the outstanding work by their entire team since 2019 has transformed Centerline into a truly unique and differentiated business that has consistently outperformed the market and competitors.
"Our strategic partnership with management and recognition of Centerline's organization-wide excellence position us to leverage the expertise and capabilities of the existing team while providing the capital and resources needed to accelerate Centerline's positive momentum and realize additional growth opportunities," Brooks continued.
"Maritime Partners is exactly the kind of forward-thinking, growth-oriented owner that Centerline needs to maintain our core culture of operational excellence, safety and customer support as we pursue emerging opportunities in today's competitive and fast-evolving environment," said Godden. "Maritime Partners' deep understanding of the maritime industry, combined with their long-term investment approach, makes them an ideal partner for Centerline, aligning interests at all levels of the organization around providing truly differentiated service to our customers and partners."
