Canal Barge to be acquired by Marquette Transportation’s owner
Written by Marine Log Staff
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Hanover, Md.-headquartered Redwood Holdings, a family-owned holding company that provides a permanent home for founder, family and management-owned businesses, has agreed to acquire New Orleans-based Canal Barge Company. This is Redwood’s second investment in the U.S. Jones Act market following its acquisition of Marquette Transportation Company in May 2024.
The Canal Barge acquisition will be structured through a newly formed holding company controlled by Redwood that will also own Marquette Transportation Company.
“The Canal Barge team has built an industry leading business over 90+ years exemplifying values consistent with both Redwood and Marquette. We are excited to carry on the legacy of Canal Barge, with a continued focus on safety and customer service,” said Ryan Mostrom, partner at Redwood Holdings. “Redwood is committed to long-term growth for our employees. We believe that both Canal Barge and Marquette are unique companies with common commitments to safety, exceptional talent, deep customer partnerships, strong people-oriented cultures, and outstanding prospects for growth. We are committed to creating the leading platform in Jones Act marine transportation and logistical solutions.”
Redwood says is excited to add a second industry leader in the Jones Act market to its family of companies and is committed to building upon the strong Canal Barge legacy that the Jones, Huger, and Lane families have created in partnership with the Canal Barge team over the last 90+ years.
Merritt Lane will become the CEO of the holding company and David Lane will continue to serve in a senior leadership role overseeing Canal Barge’s operations. John Eckstein, Marquette’s executive chairman, will serve as the executive chairman of the holding company. Damon Judd, president & CEO of Marquette, will continue to oversee Marquette’s operations and will be named president of the holding company.
“We are extremely excited to partner with Redwood and Marquette to grow our businesses together,” said H. Merritt Lane III, presidentm CEO and chairman of the board of Canal Barge Company, Inc. “Redwood is the ideal long-term home to continue the legacy of the CBC Family and provide opportunities to our mariners and shore-based employees. We are excited about this next chapter for our business and believe that Canal Barge will be well-positioned to provide the highest quality service to our customers and find additional areas of growth.”
“The Marquette Transportation team is proud to welcome Canal Barge as a sister company through shared Redwood ownership,” said Judd. “With complementary services and shared values, this partnership strengthens our ability to expand the breadth and depth of our services across the diverse range of markets that we each serve. Canal Barge has an outstanding reputation and is a great fit for our people and our customers. The combined passion, experience and dedication of our mariners and shore-based teams will drive our joint success.”
Though the two companies share common cultures and track records, each has focused on distinct elements of the Jones Act marine transportation market. Canal Barge is a leading provider of a diverse range of specialized marine transportation, logistics, terminaling, and harbor services for a broad range of industrial customers. Marquette is a leading provider of barge towing services for the dry cargo and liquid cargo markets. Marquette’s boat-focused operating model creates a uniquely integrated boat logistics system across the River, Gulf and Offshore markets.
The Canal Barge and Marquette teams will work together to capitalize on the strengths and expertise of each organization.
