Transaction Aims to Turn the Port Into a World-class Resource for
the Offshore Wind Industry and Expand Its Economic Potential
NEW YORK–(BUSINESS WIRE)–lt;a href=”https://twitter.com/hashtag/BayStateWind?src=hash” target=”_blank”gt;#BayStateWindlt;/agt;–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 the company 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 21st
century 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 their vision 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 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.
Contacts
Seabury Group
Media contact:
Paul Thibeau, 612-638-2633
[email protected]
