Indiana based maritime logistics company TPG Marine Enterprises, LLC said it has purchased 100 percent ownership of its primary operating company TPG Mt. Vernon Marine, LLC, which provides harbor services on the lower Ohio River under the names of Mt. Vernon Barge Service, Green River Barge Service and MVBS Jeffersonville, LLC. It also owns TPG Chicago Dry Dock, LLC, located on the Calumet River.
Prior to the purchase at the end of September, TPG Marine Enterprises held majority ownership of TPG Mt. Vernon Marine and Platte River Equity, a Denver based equity fund, owned the remaining minority interest.
Daniel B. Altman, CEO of the TPG entities, said, “We are grateful to Platte River Equity for helping us grow our company over the past five years so we could buy out its minority interest using only bank financing; this buyout is truly an historic event and one that finally gives the founders complete independence.”
President of the TPG entities Don W. Miller, Jr., who is a founder along with Altman, said, “We have built a solid company and are excited about several future opportunities that will enable our business to continue to grow.”
Altman and Miller acknowledged the “superb team” they have assembled to help run the TPG companies, and noted that their success would not be possible without them. “You are only as good as those you surround yourself with,” echoed Miller and Altman.