BDT & MSD Said to Near Sale of Marquette to Redwood

(Bloomberg) -- BDT & MSD Partners is nearing a deal to sell the firm’s majority stake in Marquette Transportation Co. to Redwood Holdings, a family office set up by Jim Davis, according to people with knowledge of the matter.

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Marquette’s founders are set to roll a roughly $100 million equity stake into a transaction that would value the company at about $1 billion, the people said.

BDT has controlled the Kentucky-based provider of marine towing services since 2015 and has been exploring options for its stake, Bloomberg News reported in February.

Representatives for BDT & MSD and Redwood declined to comment. A spokesperson for Marquette didn’t immediately respond to a request for comment.

Redwood has backed companies including Grain Craft, an independent flour miller and Newly Weds Foods, according to data provider PitchBook. Davis and his cousin Steve Bisciotti founded a business that became staffing and recruitment company Allegis Group.

(Corrects to reflect that Redwood changed its name to Redwood Holdings.)

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