- Metalmark Capital made a minority growth-capital investment in family-owned maritime logistics firm T. Parker Host alongside Host’s 2018 purchase of the 254-acre Avondale Shipyard in New Orleans.
- Host’s leadership and family control stayed in place, and financial terms and stake size were not disclosed.
- The backing supported Host’s strategy to scale bulk and breakbulk terminal infrastructure and leverage vertically integrated maritime and multimodal logistics capabilities.
- Host has since expanded through acquisitions and has invested more than $200 million in Louisiana assets, while valuation, governance rights, and exit plans remain unclear.
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Background & Transaction Overview
In early December 2018, T. Parker Host, a maritime services company based in Norfolk (later headquartered in Louisiana), received a strategic investment from Metalmark Capital. The infusion came at the same time that Host acquired the 254-acre Avondale Shipyard in New Orleans, a multimodal asset with deepwater riverfront, warehousing, and storage capabilities. Financial terms were not disclosed.
Ownership and control remained firmly in the Host family: Adam Anderson stayed majority owner, while Andrew Caplan and Kelsey Host remained active partners. Metalmark assumed a minority position.
Strategic Rationale & Synergies
Metalmark’s investment in Host fits squarely with its core growth equity and infrastructure/industrial strategy: supporting founder-owned businesses through capital, operational guidance, and acquisitions.
The acquisition of Avondale was especially strategic. Host secured 5 docks, over a mile of waterfront, and a footprint totaling 254 acres, coupled with connectivity plans to six Class-1 railroads via the New Orleans Public Belt. These assets reinforce Host’s multimodal capabilities, especially in bulk and breakbulk supply chains.
Host’s business model—with vertical integration through agency services, terminal operations, stevedoring and marine assets—supports diversified revenue streams. The infrastructure build-out in Avondale (rebranded as Avondale Global Gateway) positions Host to draw value from land, rail, water, and facilities in a region with high throughput demand.
Post-Deal Growth and Performance Indicators
Since 2018, Host has continued to expand. Notably, in July 2025 it acquired Transmarine Navigation Corporation, extending agency operations to the U.S. West Coast and Hawaii, which yields coast-to-coast coverage.
Also in 2025, Host purchased Impala Terminals Burnside and renamed it Ascension Bulk Terminal—a 230-acre terminal (190 acres developable), along with Impala Fleeting Burnside, plus a $6 million investment in facility upgrades. Host’s terminal portfolio in Louisiana has grown to over 1,500 acres, over 1,000 of which are available for development.
Regionally, Host reports employment of over 500 people and claims more than $200 million invested in its Louisiana assets.
Risks, Governance & Investor Concerns
Key unknowns include the valuation at which Metalmark entered, the precise governance rights or board influence, and whether there are exit mechanisms (e.g., a sale, IPO, or secondary buy-out) laid out.
Operational risks include the large capital requirements and long payoff periods inherent in infrastructure investments, exposure to regulatory/environmental delays, and shipping/trade policy fluctuations. Filling utilization at Avondale and other terminals is required to generate return multiples.
Strategic Implications
- Host gains not just capital, but PE expertise, networks, and discipline—boosting its ability to execute large infrastructure and multimodal logistics projects.
- Metalmark strengthens and diversifies its infrastructure portfolio; this deal gives exposure to trade-flow dynamics, bulk commodity logistics, and growing demand for U.S. supply-chain resilience.
- Host’s continued acquisitions and geographic expansion suggest that the PE backing enabled a more aggressive M&A strategy than might have been feasible organically.
- PE partnership while maintaining family control could be especially attractive to other family or founder-owned firms looking for capital while preserving legacy and culture.
Open Questions for Due Diligence
- What was the implied enterprise valuation at the 2018 investment? How has that evolved with subsequent growth?
- What governance rights did Metalmark obtain—board seats, vetoes, financial controls or protective covenants? Are there minority investor protections, preferred returns, etc.?
- Has Metalmark realized or projected an exit? Is there liquidity via dividends, recapitalization, or sale?
- How is Host performing financially (EBITDA margins, ROIC, utilization) in its terminals, especially Avondale and newer acquisitions?
- How sensitive is Host’s business to regulatory and trade-policy shifts, environmental permitting, and infrastructure funding (e.g., ports, rail)?
Supporting Notes
- In December 2018, Host received strategic investment from Metalmark Capital simultaneous with acquisition of the 254-acre Avondale Shipyard.
- Adam Anderson remained majority shareholder; Andrew Caplan and Kelsey Host (4th generation) remained partners; Metalmark took a minority growth capital stake.
- Financial terms (e.g. valuation, size of equity stake) were not disclosed.
- Avondale Shipyard site includes five docks, over one mile of waterfront; Host planned connectivity to six Class 1 railroads via New Orleans Public Belt.
- Host operates vertical integration across maritime agency services, terminal operations, stevedoring, marine assets and logistics.
- By mid-2025, Host had acquired Transmarine Navigation (West Coast and Hawaii agency), and Impala Terminals Burnside (230 acres renamed Ascension Bulk Terminal with $6 million in upgrades).
- Host’s terminal acreage in Louisiana totals more than 1,500 acres with over 1,000 acres available for development.
- Metalmark Capital is positioned to partner with founder-owned businesses, focus on infrastructure/industrial sectors, managing multiple billions in fund capital.