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Ullico Acquires Controlling Interest in Intermodal Transportation Business in the Pacific Northwest

January 19, 2024

Ullico Inc. today announced the closing of its purchase of additional investment interests in Tidewater Holdings, Inc. (“Tidewater”), an intermodal transportation business serving waterways in the Pacific Northwest region of the United States and Canada, by the Ullico Infrastructure Fund (“UIF”). UIF, which has been an investor in Tidewater since 2018, acquired certain interests managed by Upper Bay Infrastructure Partners on behalf of Tidewater’s investors to achieve majority control in Tidewater.

Headquartered in Vancouver, Washington, Tidewater primarily operates a sizeable fleet of tugs and barges along the Columbia and Snake Rivers. Tidewater has over a 90-year history of safely and efficiently transporting grain, liquid fuels, and other commodities that are essential to the economy of the Pacific Northwest. The 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. Additionally, it provides environmental services and waste transportation to the marine and industrial communities. Tidewater also has maritime operations in Vancouver, Canada, servicing the harbor in Vancouver BC, as well as Vancouver Island and the greater Pacific Northwest region.

“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 delivers consistent performance and compelling transportation solutions to its customers. Since UIF’s initial investment, new avenues of growth have been identified and we are excited to partner with the management team to be a 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 Sonia Axter, Head of Asset Management for Ullico’s infrastructure business.

“Tidewater is a unique and proven business that provides a good complement to UIF’s long-term contracted investments and adds to the core-plus category of the portfolio,” said Jeff Murphy, Portfolio Manager for the infrastructure fund, “We have enjoyed working with management since our initial investment in 2018 and are excited to take majority control of the business and collaborate with management on the continuing success of Tidewater.”

“Tidewater management and employees are looking forward to continuing the relationship with Ullico. I believe the stability in ownership that Ullico’s long term outlook provides will allow the company to pursue continued growth and success.” said Todd Busch, CEO of Tidewater.
UIF currently has investments in the water, wastewater, telecommunications, electricity transmission, power generation, district energy, transportation, gas transmission and gas distribution sectors, and is exploring opportunities in all core sectors.

Norton Rose Fulbright US LLP acted as legal advisor to UIF for the transaction.

About Ullico
The Ullico Inc. family of companies provides insurance and investment solutions for labor organizations, union employers, institutional investors, and union members. Founded over 95 years ago, the company takes a proactive approach to anticipating labor’s needs, developing innovative financial and risk solutions, and delivering value to our clients. Ullico’s products are tailored to promote financial security and stability for American workers.

Ullico Infrastructure Fund, founded in 2010, was established to assist in the construction, maintenance, and refurbishment of America’s infrastructure. UIF provides institutional investors with access to core and core+ infrastructure investments that are structured to deliver long-dated, low-volatility, and inflation-linked cash flows. As an open-ended fund with no terminal date, UIF makes long-term investments in U.S. and Canada-based infrastructure businesses that provide essential services to communities, governments, and corporations. As of December 31, 2022, UIF currently has approximately $5 billion in investor commitments on behalf of over 200 investors, with 23 portfolio investments across power, utilities, energy, transportation and digital infrastructure sub-sectors.

The Ullico Inc. family of companies includes The Union Labor Life Insurance Company; Ullico Casualty Group, LLC.; Ullico Investment Company, LLC.; and Ullico Investment Advisors, Inc. For additional information, visit

UIF (or the “Fund”) is managed by Ullico Investment Advisors, Inc. (“UIA”) and is sold through Ullico Investment Company, LLC (Member FINRA/SIPC), both subsidiaries of Ullico Inc. UIA is a registered investment adviser with the SEC under the Investment Advisers Act of 1940, as amended. UIF will only be sold to “accredited investors” as that term is defined in Regulation D of the Securities Act of 1933. Investment in infrastructure is speculative, not suitable for all investors, and should be undertaken only by experienced and sophisticated investors who are willing to bear the high risks of such an investment, which include, but are not limited to, lack of liquidity, restrictions on transferring ownership to the Fund, absence of information regarding valuation and pricing, and high fees and expenses. Potential investors in the Fund should carefully read the Confidential Private Placement Memorandum for a description of the potential risks associated with investment in the Fund.