GATX Corporation (NYSE:GATX) today announced that it has completed the sale of its American Steamship Company (ASC) business to Rand Logistics, LLC for approximately $260 million in cash proceeds, subject to customary post-closing adjustments. This is the final step in the sale of ASC to Rand Logistics, LLC, as previously announced on Feb. 10, 2020.
Jersey City, N.J.. headquartered Rand Logistics is a portfolio company of private equity investment firm American Industrial Partners.
“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. “ASC brings a rich history, superior assets, a safe and efficient operation, and a great team which complement our operations and will benefit our customers in so many tangible ways, such as increased overall transportation capacity through fleet synergies and greater number of loading opportunities. Our vendors will also benefit from the consolidation of tens of millions of dollars of operating and capital spending each year.”
“ASC is thrilled to be a part of the creation of a truly unique company with the scale and flexibility to meet the diverse needs of the Great Lakes region,” said David Foster, President of American Steamship Company. “ASC brings new asset classes to the combined company along with the efficient, highly qualified crews and shoreside personnel that operate them, all making the combined company one of the premier marine transportation companies in North America.”