ENGAGE Marine has found a top-tier financial backer to capitalise on growth opportunities and fund expansion of its marine services across Australia.

The US-based PGIM Private Capital is a source of private debt for public and private companies and is the private capital arm of PGIM, the US$1.3 trillion global investment management business of Prudential Financial, Inc. According to its website, PGIM Private Capital provided nearly US$13.7 billion of senior debt and junior capital to more than 250 middle-market companies and projects globally in 2023. It has 41 offices worldwide, including Sydney.

In announcing the new relationship PGIM Private Capital VP Robert Caggiano said that in late 2023, Engage Marine was looking for a long-term partner to help fund its growth opportunities “as the business was well-placed to expand its national presence and continue delivering towage solutions to new and existing customers.

“In May 2024, PGIM Private Capital provided a tailored financing solution comprising of both senior and junior capital to support Engage Marine’s growth ambitions.

“Engage Marine decided to partner with PGIM given its understanding of the business and industry which we developed through our direct relationship with management,” Mr Caggiano said. “Engage Marine was attracted to our unique funding structure which will enable the business to execute its strategic objectives while ensuring the balance sheet was well capitalised for future opportunities.”

Engage Marine CEO and MD Mark Malone said: “We are pleased to call PGIM Private Capital a partner.

“PGIM’s relationship-based approach is a good fit for Engage Marine over the long-term. PGIM’s unique funding solution ensures that our business is well capitalised to execute on our growth opportunities and will support the expansion of our high-quality marine services for customers across Australia.”

Earlier this year Engage Towage, the joint venture between Smit Lamnalco Australia and Engage Marine, was dissolved when the former sold its share to the latter after the shareholders disagreed on a way forward.

Engage has just started a new contract with Kimberley Mets Group, undertaking tug-and-barge transhipment operations from the port of Wyndham. It provides harbour towage and associated services in Port Jackson (Sydney), Geelong, Whyalla, Abbot Point and Port Latta while sister company Westug supplies towage in Dampier, Cape Lambert and Cape Cuvier