Largest operator takeover

Canada Pension Plan Investment Board (CPP Investments) has entered into a definitive agreement to become the 100% owner of Ports America through the acquisition of an interest from funds managed by Oaktree Capital Management, L.P. CPP Investments has been an existing minority investor in Ports America since 2014.

“At Ports America, our commitment and ability to provide our customers with excellent, safe service and long-term, strategic value informs everything that we do,” said Mark Montgomery, Chief Executive Officer at Ports America. “Our partners at Oaktree and CPP Investments have always shared that commitment, and we look forward to continuing our work with the support of the CPP Investments team as they increase their ownership stake. We share a long-term vision for Ports America and are excited to grow our capabilities and service offerings to position the Company for another century of innovation, leadership and success.”

Headquartered in New Jersey, Ports America is the largest marine terminal operator in North America with operations in 70 locations in 33 ports on each of the United States’ three coasts. The Company annually handles 13.4 million twenty-foot equivalent units (TEUs), including 10 million tons of general cargo, 2.5 million vehicles and 1.7 million cruise ship passengers

“Ports America represents the opportunity to continue to invest in a high-quality operator that plays an important role in global trade, making the Company a good fit for our long-term infrastructure investment strategy,” said Scott Lawrence, managing director, head of infrastructure, CPP Investments.

The transaction is expected to close by the fourth quarter of 2021.