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Goldman Sachs's infrastructure private equity arm, Goldman Sachs Infrastructure Partners (GSIP), has pulled out of its investment in US container operator SSA Marine.
Funds controlled by GS Infrastructure Partners (GSIP) originally bought an undisclosed equity stake in SSA parent company Carrix in 2007.
A firm called FRS Capital Corp later became the parent company of Carrix- which includes SSA and terminal operation software company Tideworks Marine - joining GSIP and the Smith/Hemmingway family as shareholders.
Yesterday however, Carrix announced that GSIP had sold its stake to the Smith/Hemmingway family. Carrix said:
In a transaction that closed earlier today, the founding Smith/Hemingway family purchased all of the FRS Capital Corp. stock owned by its partners, entities owned by GS Infrastructure Partners and certain institutional investors. Following this purchase, Mr. Fernando Chico Pardo, a well-known Mexican businessman, through a holding company, made an investment in FRS Capital Corp., in exchange for a 49% ownership interest in FRS Capital Corp. The Smith/Hemingway family, which retains a controlling 51% ownership interest, also significantly increased its investment in FRS Capital Corp. These funds will be used to continue Carrix's growth as the largest, privately-owned, independent port developer and operator in the United States and Western Hemisphere.
SSA Marine, the world's largest independent, privately-held marine terminal operator, has activities at more than 210 terminal facilities and rail operations throughout geographies in the U.S., Canada, Mexico, Central America, South America, Asia, New Zealand and South Africa.
Carrix Chief Executive Knud Stubkjaer said that with Pardo's capital investment the firm was "well positioned to continue expanding our activities, enhancing existing operations and adding new terminals, as well as implementing technological upgrades."Mr. Chico, in summing up his rationale for investing, said:
"I am looking forward to joining the Smith/Hemingway family in supporting and advancing Carrix in its many activities. Carrix's track record speaks for itself. The depth of experience in Carrix's management team is unparalleled in the industry and provides the foundation for their continued position as the most productive and reliable terminal operators in the Americas. The team's dedication to place their customers first, understanding and servicing their requirements, coupled with what we see as a world-class portfolio of strategically well positioned terminals and other assets, will be the spring board for sustained future growth."