Private equity fund Astatine Investment Partners is entering shipowning with the takeover of Canadian tanker and bulker owner McKeil Marine.
The seller is TorQuest Partners, but no financial details have been disclosed.
Founded in 1956, McKeil is one of Canada’s leading transport and project service providers, a statement said.
A “highly skilled” staff operate a modern and customised fleet of 13 dry and liquid bulk vessels, as well as the largest-in-class fleet of tugs and barges on the Great Lakes in Canada.
“We are excited to partner with one of the most innovative and trusted marine service providers in Canada,” said Jim Metcalfe, chief executive of Astatine.
“McKeil provides meaningful downside protection through its long-term inflation-linked contracts. There is also a tremendous opportunity to evolve its service offerings and strategically expand its diverse fleet.”
Astatine appears to be a newcomer to shipowning. Its other investments include ACL Airshop, an air cargo logistics company; Peco Pallet, a transport and logistics outfit; and container terminal Virginia International Gateway.
McKeil CEO Scott Bravener said: “We are thrilled to be partnering with Astatine Investment Partners on the next chapter of McKeil’s growth journey and look forward to working together in pursuit of our long-standing mission to become Canada’s premier marine transportation provider.
“We are confident that Astatine’s track record helping to scale marine transportation and logistics businesses makes them the ideal long-term partner for McKeil.”
Clarksons lists McKeil, based in Burlington, Ontario, with 39 vessels, including tugs, salvage ships, a general cargo ship and a crane vessel.
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Six small handysize bulkers and four small clean tankers of 14,000 dwt to 20,000 dwt are worth $81m, according to VesselsValue.
In 2019, TradeWinds reported the owner as making its first steps into tankers.
Brokers said it paid Transal Denizcilik about $17.5m in total for the 14,000-dwt Topaz-T (built 2009) and Turquoise-T (built 2008).
In 2016, McKeil acquired three bulkers of about 15,000 dwt each.
