Company was sold almost 20 years ago
The management team of Vancouver-based multi-modal transportation company Tidewater Holdings, in partnership with Pacific Northwest-based Endeavour Capital, has purchased the company from an investor group. The group was led by an affiliate of Sterling Investment Partners of Westport, Conn.
“Local ownership means that Tidewater’s headquarters will remain in Vancouver,” said President Dennis McVicker, in a statement from the company.
The company, founded in 1932 by Lew Russell Sr. and subsequently owned by Lew Russell Jr. and Raymond Hickey, was sold to the Sterling-led investor group almost 20 years ago, in 1986.
Portland-based Endeavour Capital provided equity financing for the management buyout, while a consortium of banks led by Bank of America and U.S. Bank provided additional financing.
Tidewater, traditionally a Columbia and Snake River barge company, employs more than 250 employees in Washington, Oregon and Idaho and handles grain, refined petroleum products, fertilizers and a wide variety of containerized freight. Terminals are located in Vancouver, Pasco and Clarkston in Washington and Boardman and Umatilla in Oregon. Tidewater also owns Sundial Marine, a marine construction and repair company located in Troutdale, Ore.
