Macquarie Infrastructure Partners III announces agreement to divest Ceres Terminals
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, according to the company's release.
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.
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.
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.
