Transaction Aims to Turn the Port Into a World-class Resource for the Offshore Wind Industry and Expand Its Economic Potential
NEW YORK – May 2, 2019 – Seabury Maritime LLC (“Seabury Maritime”), the global maritime and transportation investment & merchant banking and industry advisory firm and an affiliate of Seabury Capital Group LLC (“Seabury Capital”), announced today that Seabury Maritime acted as the transaction advisors to the Connecticut Port Authority (“CPA”) in a public and private investment to redevelop State Pier into a world-class 21stcentury port facility, expanding its economic potential while capturing emerging opportunities.
The estimated $93 million investment will transform State Pier into a world-class state of the art facility, while creating a platform for heavy lift cargo, such as offshore wind components, to utilize Connecticut’s ports.
“This is an exciting opportunity for the State,” said Patrick Bird, Managing Director – Global Head of Advisory of Seabury Maritime. “By partnering with the offshore wind industry, this new redevelopment plan will put State Pier on a growth trajectory, making it a big step towards realizing the port’s economic expansion and fulfilling the strategic objectives of the Port Authority.”
The two-phased redevelopment plan involves a three-year planned upgrade of the facility’s infrastructure to meet the heavy lift requirements of Bay State Wind’s offshore wind components. Following successful project completion, Bay State Wind will enter into a 10-year lease agreement granting the joint venture between Eversource and Ørsted exclusive use of State Pier for assembly and deployment of offshore wind components. Gateway Terminals, originally of New Haven, CT, signed a long-term concession agreement in January and will act as the new terminal operator.
“We are excited to launch this new development phase for State Pier,” said Evan Matthews, Executive Director of the Connecticut Port Authority. “This is the way public-private partnerships are designed to work, and Seabury Maritime has been a valuable partner in helping our team achieve this new milestone. We look forward to working with our new partners to position Connecticut as a leader in the offshore wind industry and expand economic opportunity throughout the region.”
Edward M.A. Zimny, President & Chief Executive Officer Seabury Maritime, commented: “Our Seabury Maritime team possesses a unique combination of investment banking and strategic advisory skills and capabilities, which provide port authorities successful solutions to address the opportunities they face in a very competitive marketplace. We appreciate the opportunity CPA has provided us and are confident that this transaction will further aid theirvision of increasing the flow of conventional cargo while capturing emerging opportunities.”
“I’d like to congratulate our maritime team for successfully advising our partners at CPA on this milestone investment, which will benefit the port long into the future. Our maritime team is an integral part of Seabury Capital’s investment and merchant banking long-term strategy to provide a visionary approach to today’s maritime industry, offering market-leading solutions based on our worldwide maritime advisory experience and keen commercial insights,” concluded Patrick Henry Dowling, Seabury Capital’s Global Head of Investment and Merchant Banking.
ABOUT SEABURY CAPITAL GROUP
Seabury Maritime is an affiliate of Seabury Capital Group LLC (“Seabury Capital”), which operates a number of specialty finance, investment banking, technology, and software companies with a core focus anchored in aviation, aerospace & defense, maritime, and financial services & technology.
Seabury Maritime is focused on global trade and transportation. Our team has developed a thorough understanding of the underlying competitive economics that drive strategic investments and decision-making, while assisting companies operationally to adapt for success and maintain sustained competitive advantage. Reference Seabury Maritime at www.seaburymaritime.com.
Since its founding in 1995, Seabury Capital and its affiliates have taken ownership stakes in software and asset management businesses servicing the aviation and travel industries. Within the last few years, Seabury Capital has expanded its portfolio by investing in early stage startup companies within the financial technology industry and structured investment products. In addition, Seabury Capital owns and operates through affiliates FINRA and FCA regulated investment banking services firms in the U.S. and U.K., respectively, serving external clients as well as assisting the companies in which Seabury Capital and its affiliates have invested. Seabury Capital and its affiliates have operations in New York, Amsterdam, Berlin, Chicago, Cordoba, Dallas, Dublin, Durban, Edison (NJ), Hong Kong, Houston, Jersey City, London, Los Angeles, Manila, Minneapolis, Singapore, Summit (NJ), Stamford (CT), and Tokyo. Reference Seabury Capital at www.seaburycapital.com.