Enstructure Plans Acquisition Of Patriot Ports
Enstructure, a U.S. terminal and logistics company, announced June 17 it has entered into an agreement to acquire Patriot Port Holdings LLC.
Patriot Ports, the ports division of Patriot Rail & Ports and a sister company of Patriot Rail Company LLC, is an industry leader in breakbulk, specialty cargo and cold storage operations. It handles a diverse mix of commercial and breakbulk cargoes, including forest products, poultry, seafood, steel products and military equipment.
Patriot Ports operates six terminals in Jacksonville, Fla.; Savannah, Ga.; Mobile, Ala.; and Sunny Point, N.C., with roughly 1.2 million square feet of industrial warehouse capacity, including 10.2 million cubic feet of cold storage, Enstructure said in a news release. Following the acquisition, Enstructure will operate a total of 12 terminals along the East Coast and inland river system with more than 600 employees and approximately 3.2 million square feet of industrial warehouse capacity, including 19.2 million cubic feet of cold storage.
“We are thrilled to welcome Patriot Ports to the Enstructure family of companies,” said Matthew Satnick and Philippe De Montigny, co-CEOs of Enstructure. “The combination will significantly enhance our leading East Coast and inland river system terminal network serving bulk, breakbulk and cold storage customers. Patriot Ports further expands our terminal network into high growth markets and broadens our ability to provide best-in-class service to our customers.”
John E. Fenton, CEO of Patriot Ports, also praised the agreement.
“Enstructure’s expertise in terminal and cold storage operations made the company a natural fit,” he said. “Over 150 Patriot Ports employees, including all operating personnel and management, will remain in place following the acquisition. We are confident that Enstructure’s best-in-class service will ensure a seamless transition for Patriot Ports’ customers and employees. This transaction will allow Patriot to focus on growth in our core rail business moving forward.”
Closing is expected in early July. As part of the transaction, Patriot Ports’ subsidiaries, Portus Holdings LLC and Seaonus Holdings LLC along with their subsidiaries, will be acquired by Enstructure.