Maritime Partners To Acquire M/G Transport
Maritime Partners LLC announced August 10 that it has agreed to acquire M/G Transport Holdings LLC from Auxo Investment Partners LLC and its affiliates.
Founded in 1968, M/G provides marine transportation services along the West Canal and Lower Mississippi River. It was acquired by Auxo Investment Partners of Grand Rapids, Mich., in 2017 (WJ, December 11, 2017).
Through its young fleet of approximately 300 dry cargo barges, M/G specializes in the movement of petroleum coke, sugar and minerals. The company will continue to operate under the M/G brand and as a standalone entity, and the members of the management team will continue in their current roles, the announcement said.
“We congratulate Maritime Partners on the successful completion of this acquisition,” said Greg Binion, executive chairman of M/G. “I am excited by the additional resources that Maritime Partners brings to M/G and the ability to elevate the already high level of service and great value M/G delivers to its customers.”
“We are thrilled to complete the acquisition of M/G,” said Bick Brooks, co-founder and CEO of Maritime Partners. “M/G is a natural complement to our platform, given the contractual nature of M/G’s business. The M/G fleet further diversifies the vessel capacity solutions we are able to offer the Jones Act community.”
Austin Sperry, co-founder and chief operating officer of Maritime Partners, noted, “Long-term relationships are critical for success in the domestic maritime industry. We are excited to support M/G’s success by continuing to foster strong relationships with M/G’s customer base over the long term.”
Reed Smith LLP is serving as legal counsel to Maritime Partners. RBC Capital Markets LLC is serving as exclusive financial adviser to M/G. Miller Johnson LLP, Barnes & Thornburg LLP and Winston & Strawn LLP are serving as M/G’s legal advisers.
Terms of the transaction were not disclosed, and completion of the acquisition is expected in the third quarter of 2022, subject to customary closing conditions, including receipt of regulatory approvals.