Washington D.C. (February 20, 2019) – Ullico Inc. today announced the closing of its investment in Tidewater, an intermodal transportation business serving waterways in the Pacific Northwest region of the United States and Canada. Ullico invested alongside Upper Bay Infrastructure Partners, BlackRock, Silverfern and certain other co-investors to jointly acquire 100% interest in Tidewater from Stonepeak Infrastructure Partners. Tidewater primarily operates a sizeable fleet of tugs and barges along the Columbia and Snake Rivers, in Vancouver Harbor and the Vancouver Island area.
"Tidewater benefits from geographical and regulatory dynamics, making it an essential transportation provider for multiple commodities in the Pacific Northwest region" said Rohit Syal, head of acquisitions for Ullico's infrastructure business. "This business has a long history of delivering consistent performance and cost effective transportation solutions to its customers. We look forward to being part of the continuing growth story at Tidewater."
"Through this investment, Ullico is proud to partner with a long-term union employer with a skilled workforce that keeps the Pacific Northwest economy moving," said Edward M. Smith, President and CEO of Ullico Inc.
The transaction is Ullico's second investment in the transportation sector, preceded by Student Transportation Inc. in early 2018. The Tidewater business offers a unique competitive position through its ownership of intermodal trans-loading terminals and barge tie-off points, its fleet of barges and tugs and its long-standing customer relationships. Tidewater has a long history of transporting liquid fuels, grain and other commodities that are essential to the economy of the Pacific Northwest.
"Tidewater is a unique and proven business that provides a good complement to Ullico's long-term contracted investments and adds to the core-plus category of the portfolio," said Jeff Murphy, portfolio manager for Ullico's infrastructure business, "As our second investment in transportation this year, we are pleased to further diversify our portfolio."
Ullico Inc., through its infrastructure business, currently has investments in the water, waste water, electricity transmission, power generation, and transportation sectors and is exploring opportunities in all core sectors.
"We know that private dollars are essential to maintaining and improving the infrastructure that serves our communities and our nation. This investment demonstrates how Ullico brings expertise and partners together to meet the needs of institutional and tax-exempt investors, while providing a timely solution to a critical problem," says Joe Linehan, President of Ullico Investment Advisors, Inc.
Tonkon Torp acted as legal advisor and Evercore acted as financial advisor to Stonepeak. Bracewell LLP acted as legal advisor to the investor consortium while Norton Rose Fulbright was the counsel for Ullico.
For more than 90 years, Ullico, the only labor-owned insurance and investment company, has been a proud partner of the labor movement, keeping union families safe and secure. From insurance products that protect union members, leaders and employers, to investments in building projects that have created thousands of union jobs, our customers continue to trust us with protecting their families, employees and investments. The Ullico Inc. family of companies includes The Union Labor Life Insurance Company; Ullico Casualty Group, LLC.; Ullico Investment Company, LLC (Member FINRA/SIPC).; and Ullico Investment Advisors, Inc. For additional information, visit www.ullico.com.