Deutsche Bank fund completes Maher acquisition
A Deutsche Bank unit involved in infrastructure investments said it has completed purchase of Maher Terminals, which runs container facilities in Elizabeth, N.J., and will open a new container terminal in Prince Rupert, British Columbia later this year.
RREEF Infrastructure, part of Deutsche Asset Management’s RREEF Alternative Investments business, purchased the family-owned company for an undisclosed sum. The deal is going forward after the parties reached agreement with the Port Authority of New York and New Jersey on transfer of Maher’s lease in Elizabeth.
The port authority said RREEF Infrastructure has committed to invest at least $114 million in capital expenditures in the facility during the lease period. Maher Terminals also will pay $22 million in cash to the port authority, which will be reinvested in port infrastructure. Maher has 23 years remaining on its existing lease.
RREEF said it will continue to use the Maher Terminals name and management team. Brothers M. Brian Maher, chairman and chief executive officer, and Basil Maher, president, will remain with the company.
“RREEF’s commitment to long-term growth will enable us to continue to expand our terminal businesses and compete for additional capacity in the North American market,” Brian Maher said.
RREEF also has invested in ports in the United Kingdom, acquiring what it said was a “significant minority interest” in Peels Ports in November 2006. Peel Ports describes itself as the second-largest U.K. ports group, handling more than 40 million tons per year. Peel Ports operates the ports of Mersey Docks & Harbour Co. in Liverpool, Clydeport in Scotland and the Manchester Ship Canal.
“We are now prepared to implement a strategic growth plan which will help us to compete globally in this industry,” said David Kerr, a managing director at RREEF.
Deutsche Bank fund completes Maher acquisition
