CAIRNS shipping and logistics provider Sea Swift is to be acquired by QIC Global Infrastructure Fund, under a deal announced this week.
QGIF is made up of domestic and global superannuation, pension, insurance and sovereign wealth investors.
Sea Swift, a privately-owned company, provides general cargo and charter freight services to remote communities in Far North Queensland and the Northern Territory, delivering the essentials of life as well as things like building products.
QIC is a described as a “long-term specialist manager in alternatives offering infrastructure, real estate, private capital, liquid strategies and multi-asset investments”.
Sea Swift chief executive Fred White said they pleased to have found “a strong long-term focused and socially responsible partner in QIC, which shares our commitment to safety and customer service”.
“QIC is one of the largest owners of transportation infrastructure in Australia, and in particular brings extensive experience managing marine transportation assets, including being the equal largest shareholder of the Port of Melbourne and Port of Brisbane,” Mr White said.
“The Sea Swift team is looking forward to leveraging QIC’s experience to continue the growth of the business and the service offering to our customers.”
QIC did a due diligence process and, according to Sea Swift, has advised it has “no current plans for any significant changes to the day-to-day operations of the business”.
Mr White said QIC had also confirmed its support for Sea Swift’s commitment to the training and development of Sea Swift’s workforce, and to supporting regional development and growth in the remote communities Sea Swift serves via the continued provision of high-quality, reliable services.
Financial close on the transaction is expected to be reached over the next few months.
Sea Swift has offices in Darwin, Gove, Groote Eylandt, Cairns, Horn Island, Thursday Island, Seisia and Weipa. It operates four container vessels, plus a collection of barges, tugs and landing craft.