Maritime Partners, LLC, with its taken care of funds, has actually gotten from J. Russell Flowers,Inc as well as its associates, a varied profile of over 1,000 aquatic vessels operating bareboat charter. JRF’s fleet consists of a selection of towboats, storage tank barges, receptacle barges, as well as deck barges.
With this procurement, Maritime Partners’ profile has actually expanded to about 1,600 vessels with an approximated reasonable market price of $1.2 billion, making the company the biggest owner of aquatic tools in the United States.
J. Russell Flowers,Inc was established by Russell Flowers in 1994 as well as has actually expanded to turn into one of the country’s biggest independent leasing business of inland aquatic barges as well as towboats. Jill Flowers, Chairman as well as CHIEF EXECUTIVE OFFICER of J. Russell Flowers, claimed, “We congratulate Maritime Partners on the successful completion of this acquisition and wish Bick and Austin great success. I’m confident that Russell’s legacy and vision for the future will be furthered by this transaction. I also wish to thank our many valued customers who supported us for so many years.”
“We are thrilled to complete the acquisition of the JRF portfolio. With this transaction, we’ll expand and diversify our fleet, enhancing our product offering as a one-stop solution for all marine equipment requirements,” claimed Bick Brooks, founder as well as chief executive officer ofMaritime Partners He proceeded, “we want to thank all stakeholders, including our lending partners at Credit Suisse and Stonebriar Commercial Finance for supporting our growth.”
Austin Sperry, founder as well as COO of Maritime Partners, kept in mind, “Six years ago we established a vision to become the leading equipment provider to the domestic marine industry. This acquisition represents the culmination of our vision. We are excited to continue to partner with the Jones Act operator community to serve as a provider of flexible vessel financing solutions.”
Credit Suisse AG as well as its associates gave the purchaser with financial debt funding as well as worked as single loan provider for the deal. Reed Smith LLP as well as Sher Garner Cahill Richter Klein & & Hilbert, L.L.C. gave lawful advice to the purchaser. Thompson Coburn LLP gave lawful advice to the vendor. RBC Capital Markets recommended the vendor.
