Global Infrastructure Partners and Crowley Announce $300 Million Preferred Share Investment
NEW YORK, May 31, 2022 /PRNewswire/ — Global Infrastructure Partners (GIP) and Crowley Holdings today announced the closing of a $300 million preferred stock investment in Crowley Preferred Funding, LLC. The proceeds will fund key strategic investment and growth projects, including a new jet fuel storage project in Darwin, Australiaand a new LNG bunker barge.
GIP, a leading independent infrastructure investor, is making this investment through Global Infrastructure Partners Capital Solutions Fund II (GIP CAPS II), which is part of GIP’s credit platform (GIP Credit). Funds will be available through a custom deferred drawdown structure.
Denny Sreckovicpartner at GIP Credit, said, “We are excited about the opportunity to partner with a global leader in transportation and logistics and help fund its strategic growth plan. Crowley’s shipping assets form a critical backbone in the infrastructure of global commerce. The company is well positioned to capitalize on the expansion of offshore wind and other energy transition sectors. This investment illustrates GIP’s ability to work with an experienced management team and deliver tailored deal structures to support the construction of high-quality infrastructure assets.
Crowley’s investment represents the fifth commitment made by GIP CAPS II. GIP CAPS II’s mandate supports strategic investments for investment projects and broader business growth mechanisms, providing the necessary resources for businesses to develop and improve their portfolio of services. In this case, the investment aligns with Crowley’s strategic growth plan as it develops alternative energy solutions and other innovations.
President and CEO Tom Crowley said, “We welcome the opportunity to partner with GIP, a leading infrastructure investor, on this important transaction to support Crowley’s continued strategic expansion. achieved our growth and capital structure objectives.”
DNB Markets, Inc acted as financial advisor to Crowley and the company received legal advice from Vinson & Elkins LLP. Allen & Overy LLP provided legal advice to GIP.
About Global Infrastructure Partners
GIP is a leading independent infrastructure fund manager that makes equity and debt investments in infrastructure assets and companies. The GIP targets investments in the energy, transport, digital infrastructure and water/waste sectors in OECD countries and certain emerging countries. Based at New YorkGIP operates from 10 offices: New York, London, Stamford (Connecticut), sydney, melbourne, Brisbane, Bombay, delhi, Singapore and hong kong. GIP manages us $81 billion for its investors. GIP’s portfolio companies have combined annual revenues of US $61 billion with nearly 100,000 employees. For more information, visit www.global-infra.com.
Crowley is a privately held, US owned and operated marine, energy and logistics solutions company serving the commercial and government sectors with over $2.5 billion in annual revenue, more than 170 ships, mostly in the Jones Act fleet and around 7,000 employees worldwide – employing more American sailors than any other company. The Crowley Company has invested over $3 billion in shipping, which is the backbone of global trade and the global economy. As a ship owner-operator and global service provider with more than 130 years of innovation and a commitment to sustainability, the company serves customers in 36 countries and island territories through four business units: Crowley Logistics, Crowley Expedition, Crowley Solutions and Crowley Fuels. Additional information about Crowley, its business units and subsidiaries is available at www.crowley.com.
SOURCE Global Infrastructure Partners