American Commercial Lines (ACL) reports the purchase of eight 20,000 barrel capacity tank barges from SeaRiver Maritime Inc., a subsidiary of Exxon Mobil Corporation. The price was not disclosed.
The purchase will expand ACL’s fleet of 325 tank barges, which transport liquid cargoes, including chemicals, petroleum and renewable fuels throughout the U.S. inland waterway system. The company operates the nation’s second largest tank barge fleet and the third largest dry cargo fleet.
“This expansion of our fleet enables us to meet shippers’ needs for mid-range capacity tank barges and underscores ACL’s long-term commitment to our liquids business,” Dan Jaworski, ACL’s Vice President Liquid Sales, commented. “As an added benefit, these tank barges were built by Jeffboat, [ACL’s shipbuilding unit] adding quality, as well as capacity, to our liquids fleet.”
Bob Blocker, ACL’s Senior Vice President Sales and Customer Service, added, “ACL is focused on strategic growth of our liquids business, and the addition of the 20,000 barrel capacity tank barges to our fleet provides the potential for entry into new markets.”
ACL was acquired by Platinum Equity in December 2010 and has been working closely with Platinum’s M&A team to identify and pursue growth opportunities.
“ACL is a fundamentally strong business that is well positioned for growth, both organically and through add-on acquisition,” said Louis Samson, the partner at Platinum who led the acquisition of ACL. “We fully support ACL’s strategic initiatives and will continue seeking out new opportunities to expand.”
April 16, 2012