New York, 28 June 2023
Macquarie Infrastructure Partners III (“MIP III”), an unlisted infrastructure fund managed by Macquarie Asset Management, announced that an agreement has been reached with Carrix, a leading marine terminal operator in the U.S. and the Americas, to divest MIP III’s ownership of Ceres Terminals Holdings LLC (“Ceres” or “the Company”). Ceres owns, manages, and operates a diversified portfolio of marine terminal assets across North America. Ceres Terminals Jacksonville “CTJ” and the Intermodal Container Transfer Facility in Jacksonville managed by Ceres will not be part of this transaction and will remain owned by Macquarie Asset Management.
MIP III first invested in 49% of Ceres in 2015 and subsequently acquired 100% of the Company in 2019. Since that time, Macquarie Asset Management has transformed the Company from a focus on traditional stevedoring operations to a portfolio of premier terminal concessions and long-dated operating agreements, through which Ceres provides on-dock logistics services for shipping containers, cruise passengers, roll-on roll-off cargo and breakbulk cargo on all three North American coasts.
“We are proud to have partnered with the Ceres team to enhance the scale, quality and safety performance of the Company’s premier portfolio of port terminal logistics and concession assets,” said Karl Kuchel, CEO of Macquarie Infrastructure Partners. “Our successful partnership with Ceres is consistent with Macquarie Asset Management’s broader approach to invest in and improve marine terminal infrastructure across the Americas.”
Throughout MIP III’s ownership, Ceres has continued to successfully execute strategic initiatives across the portfolio. Most recently, in November 2022, Ceres held the grand opening of its new cruise terminal in the Port of Galveston in Texas, a joint venture with Royal Caribbean Group, which will be operated by Ceres on a long-term basis.
“I am incredibly proud of our employees and the culture we have all built of putting safety and our customers at the center of everything we do,” said Craig Mygatt, Chief Executive Officer, Ceres Terminals. “We all look forward to the next chapter of growth with Carrix, a well-renowned terminal operator in North America, and we are confident that the combination will continue to serve our customers, employees and other stakeholders well.”
Ceres was founded in 1958 in Chicago by Chris Kritikos who built the small business into one of North America’s leading terminal operators and stevedores. Ceres operates in critical North American regions, including some of the largest and fastest growing container gateways including the Mid-Atlantic, the Southeast, and the Gulf Coast and holds a leading position in North America’s major cruise markets, including Florida, the Gulf Coast, and Canada. Ceres is indirectly 100% owned by Macquarie Infrastructure Partners III.
Carrix is among the world’s leading independent, privately-held marine terminal operators, with activities at more than 250 terminal facilities and rail operations throughout geographies in the U.S., Canada, Mexico, Central America, South America and Asia. Carrix subsidiary Tideworks Technology provides technology solutions for the transportation industry. Since its founding in 1949, Carrix has continued to grow, always focusing on its customers’ interests and now employees more than 17,000 people globally.