CenterGate Capital (“CenterGate”), an Austin, Texas-based private equity investment firm, announced that its affiliate has made an investment in Poseidon Barge, a sectional barge manufacturer and rental provider supporting critical marine infrastructure throughout North America.
Established in 1986 and headquartered in Berne, Indiana with eight additional satellite distribution yards throughout the United States, Poseidon specializes in the sale and rental of equipment for the marine infrastructure market. Poseidon manufactures, sells and rents Poseidon-branded sectional barges and accessories to support essential marine infrastructure including bridge rehabilitation, dam maintenance, waterway dredging and other critical applications. AACompany President Mary Habegger-Fox will continue to lead Poseidon. “We are excited about our partnership with CenterGate and the continuity and security it provides for our employees, customers, and vendor.” Fox said. “The partnership with CenterGate provides us with the capital and strategic resources to continue to grow our company and capabilities while maintaining our focus on best-inclass customer service and market-leading innovation.”
Founder Donnie Fain noted, “Since our inception, we have been focused on delivering a superior product through innovation and customer service. We have chosen a partner that understands these keys to our success and is committed to helping us maintain and continue to grow our strong customer experience.”
As a part of this transaction, Donnie Fain and Mary Habegger-Fox will both have a continued ownership position in the Company.
“Donnie, Mary and the entire Poseidon team have built an impressive organization,” Michael Smith, managing director at CenterGate Capital, said. “We are excited to partner with Poseidon to help them continue their growth and execute on our shared vision for the future.”
Poseidon is a leading provider of sectional barges and related equipment for marine infrastructure construction. The company designs, manufactures, sells, and rents a wide range of Poseidon-branded sectional barges and accessories. In addition, the Company offers a wide range of customization capabilities and one of the largest sectional barge rental fleets in the country.
Reprinted from Marine Construction Magazine Issue IV, 2023
