Crowley Holdings secures $300m from GIP

Global Infrastructure Partners has invested $300 million in Crowley Holdings, a provider of marine contract solutions, deep sea petroleum transportation, vessel management, and other logistics services.

Global Infrastructure Partners has invested $300 million in Crowley Holdings, a provider of marine contract solutions, deep sea petroleum transportation, vessel management, and other logistics services. The proceeds will be used to fund projects that include a greenfield jet fuel storage project in Darwin, Australia, and a new LNG bunker barge.

PRESS RELEASE

NEW YORK, NY – May 31, 2022 – Global Infrastructure Partners (GIP) and Crowley Holdings today announced they have closed a $300 million preferred equity investment in Crowley Preferred Funding, LLC. The proceeds will fund key strategic capital and growth projects, including a greenfield jet fuel storage project in Darwin, Australia, and a new LNG bunker barge.

GIP, a leading independent infrastructure investor, is making the investment through Global Infrastructure Partners Capital Solutions Fund II (GIP CAPS II), part of GIP’s Credit platform (GIP Credit). The funds will be available through a customized delayed draw structure.

Denny Sreckovic, Partner at GIP Credit, said: “We are excited about the opportunity to partner with a global transportation and logistics leader and help finance its strategic growth plan. Crowley’s maritime transport assets provide a critical backbone in the infrastructure of global trade. Further, the Company is well positioned to capitalize on the expansion of offshore wind and other energy transition sectors. This investment exemplifies GIP’s ability to work with an experienced management team and offer customized transaction structures to support the buildout of high-quality infrastructure assets.”

The Crowley investment represents the fifth commitment made by GIP CAPS II. The GIP CAPS II mandate supports strategic investments for capital projects and broader growth mechanisms of corporations, providing necessary resources for companies to expand and enhance their portfolio of services. In this case, the investment fits the Crowley strategic growth plan as it develops alternative energy solutions and other innovations.

Chairman and CEO Tom Crowley said: “We welcome this opportunity to partner with GIP, a leading infrastructure investor, on this important transaction to support the continued strategic expansion of Crowley. As an experienced infrastructure investor and capital provider, GIP was able to seamlessly diligence and structure a financing that met our growth and capital structure objectives.”

DNB Markets, Inc acted as financial advisor to Crowley and the company received legal counsel from Vinson & Elkins LLP. Allen & Overy LLP provided legal counsel to GIP.

About Global Infrastructure Partners
GIP is a leading independent infrastructure fund manager that makes equity and debt investments in infrastructure assets and businesses. GIP targets investments in the energy, transport, digital infrastructure, and water/waste sectors in both OECD and select emerging market countries. Headquartered in New York, GIP operates out of 10 offices: New York, London, Stamford (Connecticut), Sydney, Melbourne, Brisbane, Mumbai, 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.