Deutsche Bank buying Maher Terminals
A unit of Deutsche Bank has agreed to acquire privately held Maher Terminals Inc., the largest container operation in the Port of New York and New Jersey.
The family business was sold to U.S.-based RREEF Alternative Investments, a real-estate, equity and hedge fund arm of Frankfurt-based Deutsche Bank, media reports confirmed.
Maher handled about 45 percent of the containers moving through the Port of New York and New Jersey last year at its 450-acre facility at Port Elizabeth, N.J.
The Star Ledger of New York quoted Brian Maher, chief executive officer, as saying the deal was a “difficult decision” for his family. Michael, his father started the business in 1946.
According to the Star-Ledger, Brian Maher and his brother Basil, president, will remain with the company indefinitely and the company will continue to operate under the Maher name,
Maher is also investing in a container terminal in Prince Rupert, British Columbia.
Maher Terminals' sale to Deutsche Post is the latest in series of high profile terminal buyouts, including the sale of four terminals owned by OOIL to the Ontario Teachers Pension Fund, the sale of a terminal in Montreal owned by an affiliate of Hapag-Lloyd to Morgan Stanley, and the sale of U.S. terminal operations owned by Dubai Ports World to insurer AIG.
Deutsche Bank buying Maher Terminals
