Astatine Investment Partners buys Canada’s McKeil Marine

Connecticut-based private equity firm Astatine Investment Partners (AIP) has bought Ontario-based shipping company McKeil Marine from Canada’s TorQuest Partners.

“McKeil provides meaningful downside protection through its long-term inflation-linked contracts. There is also a tremendous opportunity to evolve its service offerings and strategically expand its diverse fleet. We look forward to working closely with McKeil’s management team and talented crew to further build upon its market leadership and historical growth,” AIP chief executive Jim Metcalfe said in a release.

McKeil operates a fleet of 13 dry and liquid bulk vessels, as well as the largest in-class fleet of tugs and barges on the Great Lakes in Canada.

No price has been revealed for the acquisition of the 48-year-old Canadian shipowner.