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Rand Logistics to Acquire American Steamship from GATX to Expand Shipping Capacity
Wednesday 12 February 2020

12 February 2020 - US shipping services company Rand Logistics, Inc. has entered into a stock purchase agreement to acquire American Steamship Company (ASC) from GATX Corp., a waterborne transportation company transporting dry bulk commodities, to increase shipping capacity, the company said.
Terms of the transaction were not disclosed.
Rand is an affiliate of American Industrial Partners and provides dry bulk shipping services throughout the Great Lakes region.
The combination of Rand and ASC will create additional shipping capacity through network efficiencies and repositioning of the respective fleets, which will allow the resulting company to further improve its customer service and offer additional flexibility and shipping capacity to its customer base.
Rand Logistics, Inc. is a provider of bulk freight shipping services throughout the Great Lakes region. Through its subsidiaries, the company operates a fleet of three conventional bulk carriers and eleven self-unloading bulk carriers including three tug/barge units.
American Industrial Partners is an operationally oriented private equity firm that makes control investments in industrial businesses serving domestic and global markets.
ASC operates a large fleet of US flagged vessels on the Great Lakes, providing waterborne transportation of over 27m tons annually of dry bulk commodities such as iron ore, coal and limestone on vessels ranging in size from 634 feet to over 1000 feet.
Details
Date Published: 12/02/2020
Target: American Steamship Company
Country: USA
Sector: Water Transport
Type: LBO
Financing:
Status: Agreed
Vendor: GATX Corp
Buyer: Rand Logistics, Inc
Comment:
Terms of the deal were not disclosed

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