Maritime Partners to acquire M/G Transport

Written by Marine Log Staff
image description

Shutterstock

Metairie, La., headquartered Maritime Partners, LLC is back on the acquisition trail. Back in December last year, the company became the largest lessor of marine equipment in the United States when it acquired over 1,000 marine vessels operating on bareboat charter from from J. Russell Flowers Inc.Today the company announced that, through its managed funds, it has agreed to acquire another Metairie-based company, M/G Transport Holdings LLC (M/G) from Auxo Investment Partners LLC and its affiliates.

Terms of the transaction were not disclosed, and completion of the acquisition is expected in the third quarter of 2022 subject to customary closing conditions, including receipt of regulatory approvals.

Founded in 1968, and acquired by Auxo in 2017, M/G is a leading provider of marine transportation services along the West Canal and Lower Mississippi River. Through its young fleet of approximately 300 dry cargo barges, the company specializes in the movement of petroleum coke, sugar, and minerals. The company will continue to operate under the M/G brand and as a standalone entity, and the members of the management team will continue in their current roles.

“We congratulate Maritime Partners on the successful completion of this acquisition. I am excited by the additional resources that Maritime Partners brings to M/G, and the ability to elevate the already high level of service and great value M/G delivers to its customers,” said Greg Binion, executive chairman of M/G.

“We are thrilled to complete the acquisition of M/G. M/G is a natural complement to our platform given the contractual nature of M/G’s business. The M/G fleet further diversifies the vessel capacity solutions we are able to offer the Jones Act community” said Bick Brooks, co-founder and CEO of Maritime Partners.

Austin Sperry, co-founder and COO of Maritime Partners, noted “Long-term relationships are critical for success in the domestic maritime industry. We are excited to support M/G’s success by continuing to foster strong relationships with M/G’s customer base over the long-term.”

Reed Smith LLP is serving as legal counsel to Maritime Partners. RBC Capital Markets, LLC is serving as exclusive financial advisor to M/G. Miller Johnson LLP, Barnes & Thornburg LLP, and Winston & Strawn LLP are serving as M/G’s legal advisors.

Categories: Inland, News Tags: , , , ,