Maher Terminals seeks strategic investment partner

Maher Terminals seeks strategic investment partner

   Maher Terminals, Inc., the largest marine terminal in the Port of New York and New Jersey, is looking for 'a strategic partner' to invest in the company's 'continued long-term growth and expansion,' according to a statement issued Wednesday.

   The search for a partner was announced by M. Brian Maher, chairman and chief executive officer of Maher Terminals, Inc., during an annual employee meeting on Nov. 22.

   Maher said his company 'intends to remain an independent marine terminal operator. The potential transaction will be limited to a minority investment.' Greenhill & Co., LLC, a New York investment banking firm, is advising Maher Terminals.

   Maher also announced that the company has added Paul F. Richardson and Lillian Borrone to its board of directors.

   Both are well-known industry figures. Richardson, of Paul F. Richardson Associates, is a former Sea-Land vice chairman and president. Borrone is a former port director of the Port Authority of New York and New Jersey.

   Maher Terminals' facility is located in Port Elizabeth, N.J., while the company is headquartered in Berkeley Heights, N.J.