Private equity firm buys stake in Intermarine
A New York private equity firm has purchased a large stake in the project cargo transportation company Intermarine.
Andre Grikitis, president and chief executive officer of Intermarine, said the investment by New Mountain Capital, “can help us to continue our strong growth into the years ahead and to enhance further the service and value we provide to our customers.”
Intermarine has a fleet of about 30 vessels and provides liner- like regular project transportation services to the Americas and Asia as well as customized services worldwide. Last year it had revenues of about $287 million.
Intermarine is headquartered in New Orleans and has offices and a major terminal, Industrial Terminals, in Houston. It also has offices in Caracas, Buenos Aires, Seoul, Shanghai and Mumbai.
Roger Kavanagh, Intermarine's founder died in January 2007 after a lengthy battle with cancer.