Patrick Corporation is an Australian seaport operator with operations in Brisbane, Fremantle, Melbourne and Sydney. Formerly listed on the Australian Securities Exchange, it is owned by Brookfield Asset Management and Qube Holdings.
Patrick Steamship Co was founded in 1919 by James Patrick. It operated a shipping service with the SS Timaru out of Sydney along the East Coast of Australia. By 1925 it was operating as both a shipping line and stevedore, gradually expanding intestate. The shipping operations were sold to Howard Smith Limited.
Patrick was one of the main parties in the 1998 Australian waterfront dispute. In Patrick Stevedores Operations No 2 Pty Ltd v Maritime Union of Australia, Patrick was found to have illegally dismissed its workforce.
In 2000 Patrick Corporation took over Holyman. In February 2002, in partnership with Toll Holdings, it acquired a 50% shareholding in Pacific National that purchased FreightCorp and the National Rail Corporation. In March 2002, Patrick acquired a 50% stake in Virgin Blue. It took control of the airline in March 2005, ultimately having a 63% shareholding.
In August 2005, Toll Holdings launched a hostile takeover bid for Patrick Corporation. In January 2006, the Australian Competition & Consumer Commission announced it would not allow that Toll to takeover Patrick Corporation. However, in March 2006, after the ACCC announced it would allow the takeover after Toll gave further undertakings including disposing of its 50% shareholding in Pacific National.