United Maritime Group to sell its bulk terminal unit in $215 million deal

United Maritime Group, LLC, Tampa, FL, announced that it has entered into a definitive agreement to sell its wholly owned subsidiary U.S. United Bulk Terminal, LLC, to Bulk Handling USA, Inc., an affiliate of Oiltanking Holding Americas, Inc. According to an 8-K filing by the United Maritime Group with the SEC, the aggregate purchase price is about $215 million in cash.

Located in Davant, LA, UBT is the largest dry bulk terminal on the Lower Mississippi River, with over 11 million tons of annual throughput capacity, providing storage, blending and transfer services to major producers of coal and petcoke products for the domestic and export markets.

"In the four years since acquiring UBT, we have developed the business into a leading independent provider of terminal and transfer services to the domestic and export markets for coal and petroleum coke," says UMG Chairman and CEO 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 of other customary closing conditions.

UMG subsidiaries operate in the dry bulk transportation and logistics industry, including U.S. United Ocean Services, LLC, the largest Jones Act coastwise shipping company by deadweight tonnage, and U.S. United Barge Lines, LLC, an inland hopper barge and boat fleet.

AGREES TO SELL INGRAM BARGE
On April 19, 2012, UMG announced that it entered into a definitive agreement to sell UBL to Ingram Barge Company of Nashville, TN, subject to receipt of applicable regulatory approvals and satisfaction or waiver of other customary closing conditions.

Oiltanking Holding Americas, Inc., is a wholly owned subsidiary of Oiltanking GmbH, which is a subsidiary of Marquard & Bahls, AG, a leading privately owned German petroleum company. Oiltanking is the second largest independent tank storage provider for petroleum products, chemicals and gases worldwide. The company owns and operates 72 terminals in 22 countries in Europe, North and South America, the Middle East, India and Asia. Oiltanking has an overall storage capacity of approximately 121 million barrels. Oiltanking Holding Americas, Inc., also owns a 71% combined general partner and limited partner interest in Oiltanking Partners, LP, a publicly traded master limited partnership engaged in the terminaling, storage and transportation of crude oil, refined petroleum products and liquefied petroleum gas. 

BofA Merrill Lynch acted as the financial advisor to UMG, and Willkie Farr & Gallagher, LLP, acted as legal counsel to UMG on the transaction.

Image: Freefoto.com

May 12, 2012