Maersk Inc, a subsidiary of the A P Moller-Maersk Group, announced August 7 that it had agreed to sell substantially all the assets of its Bridge Terminal Transport Inc (BTT) subsidiary to an affiliate of Platinum Equity, a Los Angeles-based private equity firm.
The transaction is expected to be completed on or about September 1, 2013, subject to satisfaction of customary closing conditions. The transaction will have no impact on the Group's result for 2013.
"The A P Moller-Maersk Group's strategy is to build on its strong presence in shipping, energy, and related activities,” said J Russell Bruner, chairman and chief executive officer of Maersk Inc. “We have been pleased with the business levels, the profitability, and the quality of management at Bridge Terminal Transport. It is, however, a provider of drayage services that does not fit in our long-term strategic focus. The sale will allow the Group to reallocate resources to the strategic focus areas within shipping, energy and related activities.”
Bridge Terminal Transport is a leading marine drayage company in the United States with a 30-year history. Drayage services include hazardous materials, tank container, and refrigerated container movements. The company covers major port locations and inland rail sites through a network of 28 terminals, 25 container yards, and over 1,285 owner operators. Customers include shipping lines, importers/exporters, and related segments.
"We are excited about this opportunity and are pleased to collaborate with Maersk in constructing a compelling divestiture solution," said Farhaad Wadia, Platinum Equity vice-president, whose team is leading the proposed acquisition. "We have extensive experience with transportation and logistics businesses and we look forward to working with BTT's management team, employees, independent contractors, and other partners to ensure a seamless transition and help BTT reach its full potential."