Transportation Infrastructure Partners, (which is a joint venture between Ridgewood Infrastructure and Savage), has acquired Carolina Marine Terminal, a multi-modal marine port facility in Wilmington, North Carolina.
The terminal enables the safe and efficient transport, logistics management, and product handling of dry bulk goods for diverse customers. Savage will operate the facility, and said it’s “excited about this opportunity to help optimize supply chains for new and existing customers.”
Ridgewood and Savage established Transportation Infrastructure Partners last quarter to jointly acquire and operate essential transportation and logistics infrastructure throughout the United States. CMT is Transportation Infrastructure Partners’ first acquisition. Savage will be the operator of investments made by the joint venture, including CMT.
Ryan Stewart, Managing Director of Ridgewood Infrastructure, said: “We are pleased to be initiating this joint venture with the acquisition of CMT. 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 Chief Executive Officer of Savage, added: “CMT has earned a reputation for delivering best-in-class stevedoring, storage, and distribution services. In the years ahead, we’ll continue to focus on providing innovative, cost-effective solutions to CMT’s growing base of customers.”
For more information visit www.savageservices.com