Maritime Partners acquires marine transportation company Centerline Logistics
Maritime Partners LLC's flagship fund has acquired Centerline Logistics Corporation, a leading marine transportation company operating in the United States.
Centerline Logistics is a leading marine transportation company and one of the nation’s larger operators of Jones Act-qualified liquid petroleum barges, providing bunkering services, terminal transportation, ship-assist, and other critical services to customers along the West Coast, East Coast and Gulf Coast of the United States. Offerings include providing fuelilng services to ships, transporting petroleum between critical refineries and terminals, and safely assisting and escorting ships into some of the largest ports in the country.
Its fleet includes double-hull barges for refuelling (bunkering) services as well as Articulated Tugs and Barges (ATBs), used to keep refineries and terminals supplied over a vast operating region.
Matt Godden, CEO of Centerline Logistics, said:
“Maritime Partners is exactly the kind of forward-thinking, growth-oriented owner that Centerline needs to maintain our core culture of operational excellence, safety and customer support as we pursue emerging opportunities in today’s competitive and fast-evolving environment.
“Maritime Partners’ deep understanding of the maritime industry, combined with their long-term investment approach, makes them an ideal partner for Centerline, aligning interests at all levels of the organization around providing truly differentiated service to our customers and partners. I’m excited about the opportunities that today’s transaction will create for our team and our business.”
Maritime Partners, founded in 2015 by Bick Brooks and Austin Sperry, offers maritime financing solutions serving the domestic Jones Act trade and beyond. With a fleet of over 1,900 vessels, it offers inland, coastal, and blue water bareboat charters and flexible lending options throughout the world. Lease from a state-of-the-art fleet of pushboats, tank barges, covered hopper barges, and U.S.-flag and Jones Act blue water vessels.
The transaction incorporates Centerline into Maritime Partners’ growing portfolio of diversified marine assets, with Centerline’s management team remaining in place. Centerline’s Chief Executive Officer Matt Godden will continue to lead the company as CEO and as a minority investor in Centerline, as the transaction seeks to ensure continuity of both leadership and Centerline’s longstanding reputation for operational excellence, safety, and customer service.
Bick Brooks, Chief Executive Officer of Maritime Partners, commented:
“We are thrilled to complete this acquisition and welcome Centerline into our growing portfolio of proven industry leaders and innovators.
“Centerline’s position as one of the nation’s largest operators of Jones Act-qualified liquid petroleum barges, their best-in-class leadership team, and their impressive track record of all-around operational excellence make this an ideal addition to our portfolio. Building on a decades-long legacy, the outstanding work by their entire team since 2019 has transformed Centerline into a truly unique and differentiated business that has consistently outperformed the market and competitors.
“Our strategic partnership with management and recognition of Centerline’s organization-wide excellence position us to leverage the expertise and capabilities of the existing team while providing the capital and resources needed to accelerate Centerline’s positive momentum and realize additional growth opportunities.”
Maritime Partners worked with ATLAS SP Partners to structure and arrange a warehouse facility supporting the acquisition of Centerline.