Maritime Partners LLC, New Orleans, announced it has reached a deal to acquire Centerline Logistics Corp., Seattle, continuing its expansion in the Jones Act market. Financial terms were not disclosed.
The maritime financing firm said on Thursday 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.
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.
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.
In a statement, the company described the Centerline acquisition as "a significant opportunity for portfolio diversification across asset types, counterparties, and geographies."
"We want to invest in high-quality assets, companies, and teams over the long run," said Bick Brooks, co-founder and CEO of Maritime Partners. "Centerline's impressive growth, long-term customer relationships, and talented team reflect the sort of demonstrated track record that is essential for a long-term partnership."
"This acquisition represents a strategic opportunity, and we will seek to unlock significant value under Maritime Partners' ownership," Brooks added. "Maritime Partners will bring deep maritime sector expertise and capital resources to Centerline, while Centerline will contribute proven operational excellence that we believe will serve to drive innovation and expand our capabilities in the Jones Act maritime sector."
The transaction remains subject to customary closing conditions, including regulatory approval, and is expected to close in the third quarter of 2025, Maritime Partners said.
"Along with our outstanding partners at Macquarie Capital, we have supported Centerline's transformative acquisitions and expansion in recent years," said Centerline board member Steve Kadenacy. "We are confident that Maritime Partners is the ideal partner to continue this culture of excellence."
Larry Handen, senior managing director at Macquarie Capital, added, "Macquarie Capital has been privileged to partner with Centerline's outstanding management team, particularly Matt Godden, the company's CEO, and his exceptional leadership team, who have consistently delivered superior results. We are confident the company will continue to thrive under Maritime Partners' deep expertise and proven track record in the maritime sector."
