JERSEY CITY, N.J., Feb. 10, 2020 /PRNewswire/ -- Rand Logistics, Inc. ("Rand") has entered into a stock purchase agreement to acquire American Steamship Company ("ASC") from GATX Corporation. Rand is an affiliate of American Industrial Partners ("AIP") and provides dry bulk shipping services throughout the Great Lakes region.
ASC operates the largest fleet of U.S. flagged vessels on the Great Lakes, providing waterborne transportation of over 27 million 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. The strategic combination of Rand and ASC will create the largest and most diverse fleet on the Great Lakes, serving different and highly complementary markets with multiple self-unloading vessel classes.
"We are excited about this transformative combination of two leading vessel operators on the Great Lakes. This strategic union will create significant additional shipping capacity through network efficiencies and repositioning of the respective fleets. All of which will allow the resulting company to further improve its customer service and offer additional flexibility and shipping capacity to its customer base," said Peter Coxon, Chief Executive Officer of Rand.
"ASC is an iconic American company with a rich 113-year history and an important role in moving the materials that built, sustain and drive the vast industrial capacity of the Great Lakes region. We are thrilled to partner with management and further increase our investment in the Great Lakes shipping and logistics ecosystem," said Jason Perri, Partner of AIP and Chairman of Rand's Board of Directors. "ASC's asset quality and track record of reliability, safety and service in moving raw materials for its customers is world class and we look forward to integrating these two great companies into a new and larger platform for growth under our ownership."
About Rand Logistics:
Rand Logistics, Inc. is a leading 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. 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. For more information on AIP, visit www.americanindustrial.com.
Rand Logistics, Inc.
SOURCE Rand Logistics