Platinum Equity set to buy shipyard owner

Author:
Updated:
Original:

Platinum Equity, owner of several boat lines including Ranger Boats, is branching into commercial boating with a $777 million deal to buy American Commercial Lines, owner of the Jeffboat shipyard in Jeffersonville, Ind.

Dan Whelan, vice president of the Los Angeles-based private equity firm, declined to comment, pending the 40-day period in which American Commercial Lines can solicit competing buyout offers, the Louisville Courier-Journal reports.

"We look forward to working closely with [American Commercial Lines chief executive] Mike Ryan and his management team, as well as all of the ACL employees and customers," Platinum Equity principal Louis Samson said in a statement.

American Commercial Lines has about 2,570 employees and $850 million in annual revenue, including Jeffboat and approximately 130 towboat crews operating on the nation's rivers.

Officials of the company and the Teamsters union said there are no plans for layoffs or relocations as part of the deal, the newspaper reported.

The company has struggled in the recession. It lost $12 million in 2009 and $4.8 million in the first half of this year, according to filings with the Securities and Exchange Commission.

Click here for the full article.

Related

2020: A Timeline

Changes ahead, changes behind: A long, strange year.

Boat Registrations Continued to Soar

Strong demand continued through September.

2020: What We Learned

A cross- section of industry leaders weighs in.

Boatloads of New Boaters

The influx of newbies to recreational boating.

Inventory to Remain a Challenge in 2021

Retailer sentiment remained strong in October, but dealers see a shortage of boats as a hurdle for next year

Amplifying Our Collective Voice

In this time of immense change, we all must continue to position the industry for a redefined future

Fortune Favors the Bold

Viking and Valhalla Boat Works had quite a FLIBS.