U.S. terminal and logistics company Enstructure announced it has entered into a definitive 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, works in breakbulk, specialty cargo and cold storage, operating six terminals in Jacksonville, Fla.; Savannah, Ga.; Mobile, Ala.; and Sunny Point, N.C. with approximately 1.2 million square feet of industrial warehouse capacity, including 10.2 million cubic feet of cold storage.
Following the acquisition, Enstructure will operate 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.
Matthew Satnick and Philippe De Montigny, Co-CEOs of Enstructure, said, "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."
"Enstructure's expertise in terminal and cold storage operations made the company a natural fit,” said John E. Fenton, CEO of Patriot Ports, "Over 150 Patriot Ports employees, including all operating personnel and management will remain in place following the acquisition."
Closing is expected in early July and as part of the transaction, Patriot Ports' subsidiaries, Portus Holdings LLC and Seaonus Holdings LLC along with their subsidiaries, will be acquired by Enstructure.