Rand completes purchase of ASC from GATX Corporation
Rand Logistics, Inc. (“Rand”) says it has completed the acquisitionof American Steamship Company (“ASC”) from GATX Corporation. Rand is a portfolio company of American Industrial Partners (“AIP”) and provides dry bulk shipping services throughout the Great Lakes region.
The combination of Rand and ASC moves almost 50million tons annually of dry bulk commodities such as iron ore, coal and limestone on vessels ranging in size from 634 feet to over 1,000 feet. The combined company’s diverse fleet will offer customer’s unprecedented flexibility through its integrated transportation network and range of vessel options.
“This transaction is a game-changer for both Rand and our customers. Ourcombined24-vesselfleet 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 andgreater number of loading opportunities. Our vendorswill also benefit from theconsolidation oftens 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 alongwith 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.”
About Rand Logistics:
Rand Logistics, Inc. is a leading provider ofbulk 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. The Company is the only carrier able to offer significant domestic port to port services in both Canada and the U.S. on the Great Lakes. The Company's vessels operate under the U.S. Jones Act which reserves domestic waterborne commerce to vessels that are U.S. owned, built and crewed and the Canada Coasting Trade Act which reserves domestic waterborne commerce to Canadian registered and crewed vessels that operate between Canadian ports.
About American Industrial Partners:
American Industrial Partners is an operationally oriented private equity firm that makes control investments in industrial businesses serving domestic and global markets. The firm has deep roots in the industrial economy and has been active in private equity investing since 1989. To date, AIP has completed over 70 transactions and currently has $7 billion of assets under management on behalf of leading pension, endowment and financial institutions.