Astatine Investment Partners, a leading private equity firm in Greenwich, CT focused on infrastructure investments, has announced that it has acquired McKeil Marine Limited, a Burlington, Ontario-based transportation company, from TorQuest Partners. Financial details of the transaction were not disclosed.
Founded in 1956, McKeil is one of Canada’s leading marine transportation and project service providers. The Company’s highly skilled crew operates a modern and customized fleet of 13 dry and liquid bulk vessels as well as the largest in-class fleet of tugs and barges on the Great Lakes in Canada.
McKeil delivers customized transportation and project services to a wide range of customers and industries across the Great Lakes, St. Lawrence Seaway, East Coast and the Canadian Arctic.
“We are excited to partner with one of the most innovative and trusted marine service providers in Canada,” said Jim Metcalfe, CEO and Co-Managing Partner of Astatine. “McKeil provides meaningful downside protection through its long-term inflation-linked contracts. There is also a tremendous opportunity to evolve its service offerings and strategically expand its diverse fleet. We look forward to working closely with McKeil’s management team and talented crew to further build upon its market leadership and historical growth.”
Astatine has invested in more than 30 infrastructure businesses across North America and Europe that serve over 100 million customers annually in more than 550 cities globally. With investments across the digital, transportation, utility-related and essential services sectors, Astatine’s other current investments include ACL Airshop, a global leader in air cargo unit load device logistics; PECO Pallet, a leading transportation and logistics company; and Virginia International Gateway, the most highly automated container terminal in North America.
“We are thrilled to be partnering with Astatine Investment Partners on the next chapter of McKeil’s growth journey and look forward to working together in pursuit of our long-standing mission to become Canada’s premier marine transportation provider,” said Scott Bravener, CEO of McKeil Marine. “We are confident that Astatine’s track record helping to scale marine transportation and logistics businesses makes them the ideal long-term partner for McKeil.”
(McKeil vessel photo)