Vancouver, WA, November 30 2018 – The Silverfern Group, an investment management firm making direct investments in middle market private equity, US CRE private debt and real estate globally, today announced that it has partnered with Upper Bay Infrastructure Partners in the acquisition of Tidewater Transportation & Terminals (“Tidewater”).
Tidewater, founded in 1932, is a multi-commodity transportation and terminal company serving the diverse and evolving transportation needs of the Pacific Northwest. Headquartered in Vancouver, WA, the Company’s operating area spans 465 miles on the Columbia and Snake River system extending from the Port of Astoria on the Oregon coast to the inland Port of Lewiston in Idaho. Tidewater’s Vancouver-based West Coast Marine Cleaning provides industrial cleaning, containment and disposal services in the Pacific Northwest. Tidewater’s Island Tug and Barge, headquartered in Burnaby, British Columbia, is the West Coast’s largest bulk transporter of refined petroleum products.
“We are excited to partner with Upper Bay in the acquisition of Tidewater, a leading transportation and logistics provider in the U.S. Pacific Northwest,” said Silverfern Managing Director Deepak Ghosh. “Silverfern Advisory Board member Michael Lundin, an experienced transportation and logistics industry executive, has helped us evaluate the Tidewater investment opportunity and to identify continued growth opportunities via development projects and potential acquisitions.”
Silverfern Managing Partner Clive Holmes added, “The Tidewater acquisition further demonstrates Silverfern’s ability to access attractive local investments, as we continue to invest on a global basis. In keeping with our unique co-control investment strategy, Upper Bay represents an experienced, high-quality investment partner with extensive experience in infrastructure investing, and Tidewater itself presents the potential to realize private equity-like returns on a lower-risk, infrastructure asset.”
Tidewater was founded in 1932 and has evolved from a barge line, primarily handling wheat, into Tidewater Holdings Inc., a multi-commodity transportation, terminal, and marine construction and repair company serving the diverse and evolving transportation needs of the Pacific Northwest. Its ITB Marine refined products and subsea cable laying subsidiary has been serving the Vancouver, BC region for over 50 years. Its West Coast Marine vessel and industrial cleaning and waste haulage subsidiary, has served the Pacific Northwest since 1990. Headquartered in Vancouver, WA, with nearly 300 employees in Washington and Oregon, Tidewater’s operating area spans 465 miles on the Columbia and Snake River systems extending from the inland Port of Lewiston, Idaho, to the Port of Astoria, OR, on the Pacific Coast. For more information visit www.tidewater.com.
Island Tug and Barge (ITB) has been serving the West Coast of Canada, the United States, and the Arctic for over 50 years. Purchased by Tidewater Canada, Inc., in September 2017, ITB’s Cherry Point Headquarters and Maintenance Facility is located in Burnaby, British Columbia. The company also provides specialty towing, marine logistics, and tug and barge services. ITB Subsea, a division of ITB, supplies a wide range of marine services including underwater cable laying, ROV services, and marine construction. For more information visit www.islandtug.com.
Silverfern is a global middle-market, multi-asset class investment management firm, and invests on behalf of both major institutional investors and a global network of more than 65 of the world’s largest and most sophisticated multi-billion-dollar single family offices. Through its private equity offices in New York, Amsterdam, Frankfurt and Sydney, and its real estate offices (in collaboration with 3650 REIT) in Los Angeles, Miami, New York, Chicago and Newport Beach, Silverfern makes direct investments in middle market Private Equity, U.S. Commercial Real Estate Private Debt (Silver3TG), and Direct Real Estate. Silverfern’s investment strategy seeks to mitigate systemic risk in its portfolio by pursuing attractive risk-adjusted returns on a global basis, while at the same time seeking to manage local/market risk through its strategy to partner with qualified, local, investment partners on each of its investments. Additional information is available at www.silfern.com