CC Industries Acquires Southern Towing
Chicago-based CC Industries acquired Southern Towing Company (STC) from Trive Capital and McCombs Partners. Founded in 1958, STC is one of the largest operators of towboats and barges along the inland waterways of the United States.
This acquisition expands CCI’s portfolio of industry-leading businesses, and marks another CCI investment in the transportation equipment and logistics sector.
“STC is a remarkable business with a long history of excellence,” said Bill Crown, President and Chief Executive Officer of CCI. “We are delighted to add Southern Towing to the CC Industries family of operating companies.”
Headquartered in Memphis, Tennessee, STC operates a fleet of towboats and liquid tank barges, which transport fertilizer and other products along the inland waterways of the United States. The company will operate as a stand-alone entity and Ed Grimm, President and Chief Executive Officer, along with the entire management team, will continue in their current roles.
“The management team and employees have grown an exceptional business and fostered a culture of safety and outstanding customer service,” Mr. Crown said. “We are excited about STC and dedicated to providing the resources to expand the business and enhance STC’s ability to serve its customers.”
Mr. Grimm stated, “We are thrilled with our new owners. CCI is an ideal partner to support us for the next phase of STC’s growth. With CCI’s operational and financial expertise, we will continue to focus on STC’s four pillars: Success Through Commitment, Safely Transporting Cargo, Service to Customers, and Supporting The Crew.”