One of the Port of Los Angeles’ largest terminals, Fenix Marine Services, may soon be associated with the third biggest ocean carrier in the world.
This week, EQT Infrastructure III announced that it has agreed to sell its stake in Fenix to CMA CGM for $2.3 billion.
Fenix, which annually processes about 2.3 million TEUs at the Port of LA and has more than 145 employees, was acquired by EQT Infrastructure from American President Lines in December 2017.
EQT has been working to position Fenix for long-term success acquiring the company, including management changes, investments in technology and equipment to improve velocity. During that time, EQT purchased some of the biggest cranes in North America, reconfigured the yard to boost capacity at the terminal by 40%, put in automated gates and enacted an inventory tracking system and other technology to enhance operations. Fenix also has transitioned its whole equipment fleet to renewable diesel and is teaming up with Toyota to demonstrate hydrogen fuel cell technology.
Fenix Marine Services plays an integral role in the complex North American supply chain, said Alex Darden, partner and head of EQT Infrastructure’s U.S. Advisory Team.
“We have been proud to support its mission of operational excellence and capacity growth to best meet consumer needs both before and during a pandemic that has highlighted the importance of Port of Los Angeles as a critical trade gateway,” Darden said.