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American Industrial Partners News

25 Mar 2024

Maritime Partners Hires Two In Executive Leadership Roles

(Photo: Maritime Partners)

Maritime Partners,a Louisiana-based provider of maritime financing solutions primarily focused on Jones Act vessels, announced the addition of Stephen J. Bordes and Greg Chase to its executive leadership team.Bordes joins Maritime Partners as its chief financial officer, and Chase as as the firm’s chief legal officer.Bordes brings to the company more than 20 years of experience in the fields of finance and fund management. Prior to joining Maritime Partners, he served as the CFO for New York-based American Industrial Partners…

29 Feb 2024

KOTUG Takes Full Ownership of Its Bahamas Towage JV with SEACOR

(File photo; KSM)

KOTUG International, a marine services and towage provider based in the Netherlands, announced on Thursday it has concluded its acquisition of Kotug Seabulk Maritime (KSM), taking full ownership of the Caribbean marine towage business.KOTUG said it has acquired the interest of its joint venture partner, Fort Lauderdale, Fla.-based SEACOR Holdings via its Seabulk subsidiary KS Maritime Holdings, owner of the 50% share in KSM.Founded in 2017, KSM acts as the exclusive provider of maritime terminal support services for Buckeye Partners’ Bahamas Hub…

02 Feb 2024

Seacor Sells Its Caribbean Liner Business

(File photo: SEACOR Island Lines)

SEACOR Holdings Inc. announced it has concluded the sale of its Caribbean liner and logistics business SEACOR Container Lines LLC (“SEACOR Island Lines”) to King Ocean Services Ltd. The transaction includes all operations and assets.King Ocean specializes in marine transportation and logistics solutions to close to 50 destinations across the Caribbean and South and Central America out of their Port Everglades facilities in Ft Lauderdale, Fla.“For 40 years, King Ocean, a multi-generational…

07 Dec 2020

SEACOR to Go Private in $1 Billion Deal

Florida-based transportation and logistics firm SEACOR Holdings Inc announced Monday it has entered into a deal with private equity firm American Industrial Partners (AIP) to take the company private in an all-cash transaction valuing it at about $1 billion, including net debt.SEACOR said New York-based AIP will commence a tender offer to buy all its outstanding shares at $41.50 apiece, a premium of about 14% to the company’s closing stock price on Friday, and a premium of approximately 31% over the 90-calendar day volume weighted average price.The agreement was approved by SEACOR’s board of directors and they recommend that SEACOR stockholders tender their shares in the offer.The deal is expected to close by the end of the first quarter of 2021.

14 May 2020

Rand Completes American Steamship Acquisition

New Jersey-based Rand Logistics said Thursday it has completed its $260 million acquisition of rival Great Lakes shipping company American Steamship Company (ASC) from GATX Corporation.The combination of Rand and ASC moves almost 50 million tons annually of dry bulk commodities such as iron ore, coal and limestone on vessels ranging in size from 634 feet to over 1,000 feet, the company said."This transaction is a game-changer for both Rand and our customers. Our combined 24-vessel fleet gives us the capability to meet almost every type of dry bulk transportation need on the Great Lakes," said Peter Coxon, Chief Executive Officer of Rand…

12 Feb 2020

Rand Logistics to Buy American Steamship Company

New Jersey-based Rand Logistics announced it has entered into a stock purchase agreement to acquire rival Great Lakes shipping company American Steamship Company (ASC) from Chicago-based GATX Corporation for $260 million.Headquartered in upstate New York, ASC operates the Lakes' largest U.S.-flagged fleet, annually transporting more than 27 million tons of dry bulk commodities such as iron ore, coal and limestone on vessels ranging in size from 634 feet to over 1,000 feet. ASC reported segment profit of $46.1 million for 2019 (including a one-time gain of $10.5 million), said parent company GATX.Rand, an affiliate of American Industrial Partners (AIP)…

31 Jan 2018

Rand Logistics Files for Chapter 11 Bankruptcy

Rand Logistics Inc, one of the largest bulk freight shipping providers in the Great Lakes region, filed for Chapter 11 protection on Tuesday after agreeing to a debt-for-equity swap with lender Lightship Capital LLC. Rand, with $236 million of debt, said in November it would file for bankruptcy as part of a restructuring support agreement with Lightship, an affiliate of New York-based private equity firm American Industrial Partners.