Jones Capital Acquires Rockport Terminals
Jones Capital said it has acquired Rockport Terminals, one of the largest private intermodal terminals on the Texas Gulf Coast.
Rockport Terminals is located within 28 miles of the fast growing Port of Corpus Christi, but outside of the Port's tariff zone. With more than 250 acres of industrial land, Rockport Terminals boasts access to the Intracoastal Waterway, nearby railways and many major highways. Today, the terminal specializes in bulk liquids storage, bulk and break bulk, and bulk liquids product handling.
The acquisition is the third in two years for Jones Capital, a growing provider of private capital to lower middle market businesses in the transportation and logistics, technology, industrial and business services markets.
Concurrent with the acquisition of Rockport Terminals, Jones also announced that Ross Stevenson has been named Rockport Terminals president and CEO. Stevenson has nearly 15 years of experience in executive management, business development, and project management, most recently with Phillips 66. Stevenson will continue to work closely with the existing Rockport Terminals management team, all of whom are remaining with the business.
"I could not be more excited to launch this new partnership with Jones to further develop and commercialize Rockport Terminals," said Stevenson. "Rockport is a unique asset along the high growth Texas Gulf Coast, and we are excited to have the support of a capital partner that has the vision, timeline, and resources to make this venture a success." Stevenson added further, "With Jones' support, we have kicked off a multiple-year capital improvement plan that we are very excited about, including two new liquids and break bulk docks, additional lay down yard and logistical improvements, and we have approval from UP, our rail partner, for a loop track design that will be able to accommodate unit trains."
"With Jones' history of success in transportation and logistics, we feel equipped to help launch Rockport into a new era of growth," said Tom Caughlin, President and Chief Investment Officer of Jones Capital. "Rockport has been doing everything right to prepare the way for offering intermodal services to offset congestion in other nearby ports. We believe it is now well-positioned for realizing its potential, and look forward to working with the Rockport team to make it happen."