Greenwich, Connecticut, January 19, 2024 – The Silverfern Group, an investment management firm making direct investments in middle market private equity globally, today announced that it has exited its investment in Tidewater Transportation & Terminals, following the successful sale of the Company to existing Tidewater investor Ullico Inc in an all-cash transaction.
Tidewater, founded in 1932, is a multi-commodity transportation and terminal company serving the diverse and evolving transportation needs of the Pacific Northwest. Headquartered in Vancouver, WA, the Company’s operating area spans 465 miles on the Columbia and Snake River system extending from the Port of Astoria on the Oregon coast to the inland Port of Lewiston in Idaho. Tidewater’s Vancouver-based West Coast Marine Cleaning provides industrial cleaning, containment and disposal services in the Pacific Northwest. Tidewater’s Island Tug and Barge, headquartered in Burnaby, British Columbia, is the West Coast’s largest bulk transporter of refined petroleum products. Silverfern invested in Tidewater in 2018 in partnership with Upper Bay Infrastructure Partners.
Following completion of the exit, Silverfern Managing Director Edward Rimland commented “We are proud to have partnered with Upper Bay Infrastructure Partners in the growth and development of the Tidewater business. We wish them every success in their expanded relationship with Ullico.”
About Tidewater
Tidewater was founded in 1932 and has evolved from a barge line, primarily handling wheat, into Tidewater Holdings Inc., a multi-commodity transportation, terminal, and marine construction and repair company serving the diverse and evolving transportation needs of the Pacific Northwest. Its ITB Marine refined products and subsea cable laying subsidiary has been serving the Vancouver, BC region for over 50 years. Its West Coast Marine vessel and industrial cleaning and waste haulage subsidiary, has served the Pacific Northwest since 1990. Headquartered in Vancouver, WA, with nearly 300 employees in Washington and Oregon, Tidewater’s operating area spans 465 miles on the Columbia and Snake River systems extending from the inland Port of Lewiston, Idaho, to the Port of Astoria, OR, on the Pacific Coast. For more information visit: www.tidewater.com.
About Silverfern
Silverfern is a global middle-market investment management firm. From its offices in Greenwich and Sydney, its experienced, cohesive team of senior investment professionals makes investments in global middle-market private equity. Targeting $10 million to $15 million equity per investment in partnership with qualified local investment partners, whom we select for their specific industry knowledge and local market experience, Silverfern seeks to invest in buyouts, build-ups, acquisitions, growth equity and recapitalizations worldwide. Additional information is available at www.silfern.com.
Media Contact:
John Cattau
Silverfern
jcattau@silfern.com
+1 203 542 2860