American Commercial Lines (ACL) has completed the acquisition of AEP River Operations from American Electric Power (AEP), the Company said in a press release.
AEP River Operations is a commercial inland barge company delivering approximately 45 million tons of products annually. The company is based in Chesterfield, Missouri, with operations in Paducah, Kentucky; and Convent, Algiers and Belle Chasse, Louisiana.
ACL, a portfolio company of Platinum Equity, is based in Jeffersonville, Indiana, and is one of the most diversified marine transportation service companies in the United States.
“I have a great deal of respect for AEP River Operations, I know the business very well, and I’m excited about what we will achieve together,” said ACL CEO Mark Knoy. “These are two highly complementary businesses, each with its own strengths, yet unified in their commitment to safety and customer service. This is an exciting day for our employees, our customers and for the future of our company.”
ACL President and CEO Mark Knoy ran AEP River Operations for a decade before joining ACL in 2011. Paul Tobin, ACL’s Chief Operating Officer, and Robert Blocker, ACL’s head of sales and customer service, also spent 10 years at AEP River Operations before joining ACL in 2011 along with Knoy. All three were previously at MEMCO Barge Line, which was purchased by AEP in 2001.
“Mark and his team know both businesses first-hand and are uniquely equipped to bring them together and maximize the potential of the combined enterprise,” said Platinum Equity Partner Louis Samson. “With the additional operational support Platinum Equity provides, they are moving quickly to create substantial value.”
Bank of America Merrill Lynch advised ACL and led the transaction financing. Latham & Watkins served as legal counsel to ACL.
About American Commercial Lines:
American Commercial Lines Inc. is an integrated marine transportation service company owned by affiliates of Platinum Equity, LLC and operating in the United States Jones Act trades. The company is headquartered in Jeffersonville, IN, has approximately 2,700 employees and operates a fleet of approximately 125 towboats and 1,900 barges. For more information about American Commercial Lines Inc.
Source: bargeacbl.com