“The Tidewater management team is excited about our new partnership with Stonepeak,” said Dennis McVicker, president & CEO of Tidewater Holdings Inc. “When considering investment partners and strategic plans for the company, the management team’s top priority is to ensure our customers continue to see the same high-quality service that Tidewater has delivered for 80 years.”
The Vancouver-headquartered company said it envisions this partnership as an opportunity to maintain its longstanding priorities and guiding principles while also pursuing new business opportunities resulting from the growing export market.
“It’s been a pleasure working with Stephen Babson and the entire Endeavour team for the past seven years,” added McVicker. “We thank them for positioning the company to continue its long-standing tradition of serving the Pacific Northwest for many years to come.”
Wells Fargo Securities served as financial advisor and Tonkon Torp LLP served as legal advisor to Tidewater in conjunction with this transaction. The terms of the deal were not disclosed.