International infrastructure asset manager InfraRed Capital Partners has agreed to acquire New Zealand port logistics and materials handling company C3 from global investment group Brookfield.
The purchase is being made through one of InfraRed’s value-add investment funds. Financial terms have not been disclosed.
C3 operates across 15 port and inland locations in New Zealand and Australia, providing container logistics and specialist materials handling services to major exporters.
Forestry is its largest area of operation, with the company providing services including log marshalling, debarking, chipping and vessel loading.
C3 handles about half of New Zealand’s log exports, representing approximately $3.4 billion in annual export revenue.
It also operates container logistics facilities and port equipment serving exporters in sectors including dairy, agriculture and energy.
The company handles about half of all containers passing through the Port of Tauranga, New Zealand’s busiest port.
C3 is part of LINX Cargo Care Group, which has been owned by Brookfield and its investment partners through a Brookfield-sponsored infrastructure fund.
InfraRed says it plans to invest in C3’s port presence and logistics capabilities while broadening the services it offers across the export supply chain.
InfraRed value-add European and Asia-Pacific investments head Sven Stubican says C3’s established position in container handling and forestry provides a strong platform for growth.
“What makes C3 particularly compelling is the opportunity to enhance its established position in the container handling and forestry supply chain by broadening the services it offers customers,” Stubican says.
“Over decades, the business has developed a strategic port presence, deep customer relationships and specialist operational capabilities, providing a strong platform for expansion.
“C3 benefits from a resilient base of core earnings, and we will seek to build on this via attractive adjacent opportunities.”
InfraRed has invested across Australia and New Zealand for more than 15 years and manages about US$13 billion in equity capital globally.
“In acquiring C3, we are backing an experienced management team with a strong track record and will leverage our long-standing local experience to support the business in delivering its next phase of growth,” Stubican says.
C3 chief executive Gavin Hudson says the company plays an important role in connecting New Zealand and Australian exporters with international markets.
“We’re proud of what the team has achieved and excited to be working with InfraRed to broaden our services across the export value chain, as we continue to seek new opportunities to support our customers,” Hudson says.
C3’s key customer relationships extend beyond 20 years, according to InfraRed.
