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Company Type

Water Transportation


$100 Million

Investment Type



Work Cat Holdings (WCH) is seeking $100 million for its initial two container vessels in a multi-phased plan that will raise $200 million for five vessels. Target vessel price of $40 million each, and financing at 3:2 ratio debt to equity.

The US logistics industry is a highly integrated supply chain network that links producers and consumers through multiple transportation modes, including air and express delivery services, freight rail, maritime and truck transport. Most of the freight is transported in standard sized 53’ containers

The logistics industry enjoys a large, easily reachable customer base. There are > 5,750 companies in the US with a transportation spend greater than $30 million each

Driven by changing consumer habits demanding same or next day delivery there is an estimated 80,000 long haul truck driver shortage in the US. Due to this shortage and rising fuel prices, spot rates have remained elevated


In the US, trucking companies carried 65% of all freight and had a total revenue of $732 billion in 2020. Rail accounts for 8% and maritime 5% of freight volume

Gulf of Mexico (GOM). Links two of the largest and fastest growing markets in North America. Virtually no competing intermodal rail service. The marine route is almost a 30% distance shortcut

North America uses standard container sizes of 53’ versus the 40’ ISO containers used in international shipping. There are no Jones Act(1) compliant container ships operating US port to US port for 53’ containers

Carbon emissions – each semi-truck on the road emits an average of 233 tons of carbon per year. The WCH vessel offers an 90% reduction in emissions


WCH resolves 3 primary issues – capacity, cost, and carbon. The vessels complement truck and rail intermodal companies, and third-party logistics providers. WCH is a trucking company on the water

Total deck space for 300+ 53’ intermodal containers and/or roll-on/roll-off cargo, each vessel has the capacity of 300+ trucks

Fuel is the single largest variable cost for trucks and the Work Cat vessel will use less than 10% of the gallons consumed by trucks to do the same work

A Work Cat making a one-way trans-Gulf sailing with an average cargo load (200+ containers), will emit approximately 47 metric tons of CO2 while the equivalent number of trucks will emit over 470 metric tons (> 90% carbon savings)


Henry Hoffman – Chairman

  • 35 years’ executive management experience in the transportation industry
  • President of Tri-State Motor Transit
  • Owner and President of Hook Up, Inc., the second largest new truck driveaway service in the U.S
  • Founder and Chairman of SiriCOMM, Inc., a wireless networking and applications service provider dedicated to the commercial trucking industry
  • President of SeaBridge Freight, a short sea intermodal barge business and a precursor to Work Cat
  • Bachelor of Science degree from the United States Military Academy, West Point, NY
  • MBA from the University of Wisconsin, Oshkosh, WI

Rob Norton – Chief Naval Architect and Designer

  • 17 years’ experience as a Naval Architect and Marine/Mechanical engineer
  • President of SwiftWater Consultants.
  • Extensive experience with classing societies (ABS DNV LLOYDS) and Coast Guard certifications
  • Rob has designed a substantial portfolio of maritime vessels: Offshore Supply Vessels, Barges and large Catamarans
  • Bachelor degree in Mechanical Engineering from University of Tennessee
  • Master’s degree in Mechanical Engineering from University of South Florida

Chris Raley – Chief Executive Officer

  • 20 years of executive leadership experience in transportation and commercial finance.
  • Founder of First Prime Capital (a general lessor with $45MM in assets), Transportation Capital (a transportation focused finance company), and Raley Commercial Finance & Leasing (a boutique finance and advisory firm)
  • Bachelor in English from University of South Carolina at Conway

Charles Raymond – Director

  • Capped a 34-year career with Sea-Land Service inc. in December 1999 when, as Chief Transportation Officer, he co-managed the sale of its international businesses to Maersk, Inc
  • Executive Officer of CSX Corporation from 1994 to 2002
  • Chairman and CEO of Horizon Lines, Inc. (NYSE-HRZ) from 2002 until 2011
  • Chairman of the Marine Transportation National Advisory Council from 2000 to 2003.
  • Recipient of numerous transportation industry awards, including Admiral of the Ocean Seas, The International Maritime Hall of Fame, the Container Institute Connie Award and USMMA Alumnus of the year
  • Graduate of the United States Merchant Marine Academy and the Harvard Business School Advanced Management Program
Learn More About Work Cat
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Hi. We're not around right now. But you can send us an email and we'll get back to you, asap.

Thanks, Ken

Ken Margolis | Managing Partner Castle Placement, LLC
1460 Broadway Street, Rte 400
New York, New York 10036
(212) 418-1188 | C: (516) 712-7784