UMG Barge Line Acquired by Ingram
United Maritime Group, LLC Announces Agreement to Sell U.S. United Barge Line, LLC to Ingram Barge Company.
United Maritime Group, LLC ("UMG") today announced that it has entered into a definitive agreement to sell U.S. United Barge Line, LLC ("UBL"), a wholly owned barge transportation subsidiary of UMG, to Ingram Barge Company. Based in Tampa, the subsidiaries of UMG operate businesses in the dry bulk transportation and logistics industry, including U.S. United Bulk Terminal, LLC, the largest coal and petroleum coke handling facility in the Gulf of Mexico, and U.S. United Ocean Services, LLC, which operates the largest Jones Act dry bulk ocean fleet by capacity.
"Since acquiring UBL in 2007, we have developed the business as an independent provider of barging services to the domestic and export markets for coal, petroleum coke, grain and other dry bulk commodities. We are proud of the results we have achieved with UBL and believe that the long history and exceptional reputation of the Ingram Barge Company speak to the opportunity for continued reliable service for our customers and opportunities for continued growth for our employees at UBL," said UMG Chief Executive Officer Steven Green.
The transaction is expected to close in the second quarter of 2012, subject to receipt of applicable regulatory approvals and satisfaction or waiver or other customary closing conditions. Ingram Barge Company is a subsidiary of Ingram Industries Inc., based in Nashville, Tennessee, which is one of America's largest privately held companies. It consists of diversified businesses in physical and digital book, on-demand printing, marine transportation, and digital fulfillment services.
BofA Merrill Lynch acted as the financial advisor to UMG, and Willkie Farr & Gallagher, LLP acted as legal counsel to UMG on the transaction.