Ports America is reportedly exploring a sale which would value the company at US$1bn.
The terminal operator’s owner, Highstar Capital, which is a private equity firm, is working with investment bank RBC Capital Markets LLC to find a buyer according to Bloomberg,
Ports America currently has a network of 36 container terminals in 24 US ports, and holds approximately one third of the container market share in North America, handling approximately 12m teu annually.
In the first quarter of 2016, its facility in Oakland, Outer Harbour Terminal, filed for bankruptcy before closing in April. Ports America subsequently signed a lease-termination agreement with the Port of Oakland.
However, it has a number of investments in the pipeline in the ports of Tacoma, Los Angeles, Long Beach and Newark.
The New Jersey-based firm has expanded since a predecessor company was acquired by Highstar in 2007. Highstar added the Marine Terminals Corporation in the same year and an interest in Kao Ming Container Terminal in Taiwan in 2012.
Highstar, was purchased by Oaktree Capital Group in June 2014.