Intermodal Briefs: IMTT, NOVA Infrastructure
Written by Carolina Worrell, Senior Editor
Images Courtesy of IMTT
IMTT announces sale of Gretna, La. terminal. Also, NOVA Infrastructure (NOVA) acquires ATS Logistics, Inc. (ATS) on behalf of its portfolio company Harbor Logistics, LLC (Harbor).
New Orleans-based IMTT announced Jan. 5 that it has closed on the sale of the company’s bulk liquids storage terminal located in Gretna, La., to BWC Terminals LLC.
Located on the Mississippi River, the Gretna terminal has approximately 2.3 million barrels of storage capacity with rail, truck and deep-water marine access.
IMTT will continue to own and operate its 16 other terminals across North America, including its three Louisiana terminals located along the Mississippi River in Avondale, Geismar and St. Rose, which, the company says, generate nearly 70% of its revenue from the handling of non-petroleum products.
“BWC was uniquely positioned to execute on this transaction due to the adjacent location of their Harvey terminal,” said IMTT Chairman and CEO Carlin Conner. “Divesting a terminal that we have owned and operated for 32 years was a difficult decision. BWC’s commitment to continuing to operate Gretna with the current team in place, and in a safe, environmentally responsible, and efficient manner was a major factor in our decision.”
“With the reinvestment of proceeds from this transaction and the execution of contracted renewable fuel and chemical-related infrastructure projects that are in progress, over half of the company’s revenue in 2023 will be generated from the handling of non-petroleum products, such as renewable diesel feedstocks, renewable diesel, vegetable and tropical oils, and chemicals,” Conner added.
Middle-market infrastructure investment firm NOVA announced Jan. 5 that Harbor, one of NOVA’s existing portfolio companies, has acquired ATS, the largest drayage provider by volume for the Port of Charleston.
ATS, a leading provider of transportation and warehousing services located in Charleston, S.C., will operate as part of Harbor’s growing platform, which made its first investment in the Charleston transportation and logistics sector in 2021 and is now “the market leader in warehouse and dryage capabilities in the Charleston market,” NOVA stated in a release. ATS, according to NOVA, has one of the largest asset-based fleets at the Port of Charleston, as well as “a strategically located warehouse that includes the only Centralized Examination Station for the U.S. Customs and Border Protection in Charleston.”
“ATS is an essential component of the Port of Charleston’s supply chain and import/export activity,” said NOVA Founder and Partner Allison Kingsley. “Combining the talented ATS team with Harbor Logistics brings additional operating expertise and complementary customer relationships to a strategically located port market with structural tailwinds.”
Micah Mallace, President of Harbor Logistics and the former Chief Commercial Officer of the Port of Charleston said, “ATS embodies the asset-based capacity and a customer-focused approach that the industry needs. Harbor Logistics looks forward to partnering with the existing ATS management team to deliver these capabilities and continue the company’s and the Port’s strong growth.”
According to Harbor, during Mallace’s tenure, the Port of Charleston was “the fastest growing major port in the U.S., in part due to his work attracting billions of dollars of new manufacturing, distribution, warehousing and supporting infrastructure.” Strong leadership combined with economic growth in the Southeast and ongoing strategic investment has made the Port the eighth busiest U.S. container port based on import and export volumes and the deepest port on the East Coast, the company added.
“My brothers and I started ATS in 1986 and our dedicated team has worked hard to build and grow ATS over the last 36 years,” said ATS Co-founder Jimmie Gianoukos, who will serve on the Harbor Logistics Board of Directors and as Chairman-elect of the South Carolina Trucking Association.
“We are excited for our existing team to collaborate with NOVA and its Charleston-based Harbor Logistics business for this next phase of the company’s growth,” added Gianoukos.
Harbor Logistics also owns Premier Logistics, one of the largest warehousing, storage, and transportation 3PLs in Charleston with rail and truck service.
NOVA was advised on the ATS transaction by Scudder Law Firm, P.C., L.L.O. and Jones Day.
In July 2022, NOVA announced the close of its $565 million infrastructure Fund I, which attracted commitments from a diverse group of leading North American and global institutional investors, including public and private pension funds, insurance companies, family offices and asset managers.
