SEACOR announced it has signed a definitive agreement to sell Inland River Transport Holdings LLC (“SCF”) to Ingram, a division of Nashville-based Ingram Marine Group.
“I am extremely pleased to enter this transaction with Ingram, one of the most respected river transportation providers,” said Eric Fabrikant, Chief Executive Officer of SEACOR. “As an organization, Ingram upholds a corporate culture and value system akin to our own, which will not only ensure a smooth transition for our people and customers but create a strong foundation for future growth.”
Since joining the SEACOR family of businesses over two decades ago, SCF now includes more than 1,000 covered dry cargo hopper barges, eight 6,000-plus horsepower towboats, and a network of terminal and fleeting infrastructure along the Mississippi River.
The U.S. inland river system covers 12,000 miles of commercially navigable waterway channels and provides a low cost, sustainable mode of domestic freight transportation relative to over-the-road or rail. Transporting approximately 630 million tons of staple agricultural goods, industrial products like steel and cement, and bulk liquids every year, it is at the center of the U.S. economy and serves as a gateway to the global marketplace.
“Not only does SCF operate a robust network of terminals and a modern, young fleet of complementary marine assets, but it is run by an industry-leading team of transportation and logistics professionals,” said John Roberts, President and Chief Executive Officer of Ingram. “We are excited to diversify Ingram’s service offerings and welcome SCF’s team, customers, and equipment to the Ingram family.”
Ingram operates across more than 4,500 miles of the U.S. inland waterways system transporting a variety of essential agriculture and industrial commodities via 4,000 covered and open top dry cargo and liquid tank barges and 150 towboats.
“Access to Ingram’s towing fleet and other efficiencies will enhance service to SCF’s customers at a time of fierce competition for global agricultural exports,” said Tim Power, President and Chief Executive Officer of SCF. “Additionally, the larger platform will be better positioned to develop innovative technologies and sustainable solutions in response to the industry’s evolving needs.”
The transaction remains subject to regulatory approval and customary closing conditions.
RBC Capital Markets LLC acted as financial advisor to SEACOR. Milbank LLP and Baker Botts LLP acted as legal advisors to SEACOR. Bass, Berry & Sims PLC served as legal advisor to Ingram.