Enstructure co-CEOs outline future after acquisition of Jacksonville-based Patriot Ports

Enstructure co-CEOs outline future after acquisition of Jacksonville-based Patriot Ports (Courtesy of the Jacksonville Business Journal) — Enstructure LLC was spurred to buy Patriot Ports Holdings in part because of the Jacksonville-based company’s cold storage capabilities — a sector of the supply chain the acquiring company anticipates will be of growing importance.

Enstructure completed the purchase of Patriot Rail & Ports’ port division on July 1.

“We have always been intrigued by cold storage,” Enstructure co-CEO Matthew Satnick told the Business Journal. “Now that we are in the top 20 in cubic foot in the (cold) storage space, we are more than intrigued. It’s a great business, when you find the right locations and the right customer base. From our perspective, it ties into our port operations.”

The Patriot acquisition doubled Enstructure’s cold storage operations to 19.2 million cubic feet. The company has operated 9 million cubic feet of cold storage in Port Canaveral since July 2020, an experience that led Satnick and co-CEO Philippe De Montigny to consider additional footage.

With the growth of that space comes additional people — and Enstructure has a history of leaving in place the leadership of the operations it acquires.  

All operating personnel and management that worked for Patriot Ports’ stevedoring operations, Portus and Seaonus, at the time of the merger will remain with the company, the company’s leadership said.

The Patriot acquisition doubles the number of terminals Enstructure operates to 12, including three inland terminals along the Mississippi River. As well as its burgeoning cold storage operations, the company also has 3.2 million square feet of industrial warehouse space.

More growth is expected to come as the company begins operating its new acquisition.

“The Jacksonville, Savannah and Mobile markets are markets we have always been interested in,” De Montigny said. “They are high-growth markets. They are markets where we have existing customers in other ports. For us, it helps us serve other customers.”

That includes building out a trucking operation in Jacksonville in the near future, Satnick and De Montigny said.

Enstructure began thinking about buying Patriot Ports about 18 months ago, when its parent company began exploring the idea of a sale. Patriot wanted to focus on its rail business, and Enstructure was intrigued by pulp, paper and other bulk opportunities in Jacksonville.

Patriot Rail Co. CEO John Fenton said Enstructure was the high bidder for Patriot Ports, but said he also believes it’s the right company to take over the division because it will exclusively focus on ports – a move that Fenton believes will benefit employees and customers.

“They seem to be a well-run company,” Fenton told the Business Journal. “I think they have good plans for what they want to do.” 

From their perspective, Enstructure’s executives are excited about what the company’s future will be in the River City.

 “We come to town with growth in mind,” Satnick said. “That translates into economic development opportunities, which ultimately leads to job creation.”

Photo courtesy of JAXPORT