CPP Investments becomes the exclusive owner of Ports America

Since 2014, CPP Investments has held a minority stake in Ports America. Credit: minka2507 / Pixabay.

Canada Pension Plan (CPP) Investments has signed a definitive agreement to take over North America’s largest marine terminal operator, Ports America.

Through the purchase of interest from funds managed by Oaktree Capital Management, CPP Investments will now become the sole owner of Ports America.

The deal, which is expected to be finalized in the fourth quarter of 2021, is pending regulatory approval. The financial terms of the transaction were not shared.

Since 2014, CPP Investments has held a minority stake in Ports America and will continue to support the business with long term capital.

Scott Lawrence, Managing Director and Head of Infrastructure of CPP Investments, said: “Ports America represents the opportunity to continue to invest in a high quality operator that plays an important role in global commerce, making the company a good one. choice for our long-term infrastructure investment strategy. .

“Terminal operators play a critical role as freight demand and transportation needs continue to grow in response to rapid and dynamic changes in the way individuals and businesses buy and sell products. ”

Emmett McCann, Managing Director of Oaktree and Co-Portfolio Manager of Infrastructure Investment Strategy, said: Only benefit from this new ownership structure.

Founded in 1921, Ports America is said to have “led a century of innovation in stevedoring, cargo handling and premier terminal operations.”

It has 70 locations in 33 ports around the three American coasts.

Ports America handles 13.4 million twenty foot equivalents (TEUs) per year, including ten million tonnes of general cargo, 2.5 million vehicles and 1.7 million cruise ship passengers.

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