United Maritime Group, LLC, Announces Agreement to Sell U.S. United Bulk Terminal
Monday, 14 May 2012 | 11:00
United Maritime Group, LLC ("UMG"), today announced that it has entered into a definitive agreement to sell U.S. United Bulk Terminal, LLC ("UBT"), a wholly owned subsidiary of UMG, to Bulk Handling USA, Inc., an affiliate of Oiltanking Holding Americas, Inc.
Located in Davant, La., UBT is the largest dry bulk terminal on the Lower Mississippi River, with over 11 million tons of annual throughput capacity, providing storage, blending and transfer services to major producers of coal and petcoke products for the domestic and export markets.
"In the four years since acquiring UBT, we have developed the business into a leading independent provider of terminal and transfer services to the domestic and export markets for coal and petroleum coke. Our UBT team members have maintained a continued focus on safety and customer service while delivering impressive operating and financial performance. Oiltanking is a leading provider of terminal and storage services for liquid petroleum and chemical products globally and is an excellent successor to continue to grow and enhance UBT's position in the market," said UMG Chairman and Chief Executive Officer Steven Green.
The transaction is expected to close in the second quarter of 2012, subject to receipt of applicable regulatory approvals and satisfaction or waiver of other customary closing conditions.
Based in Tampa, UMG has subsidiaries that operate in the dry bulk transportation and logistics industry, including U.S. United Ocean Services, LLC ("UOS"), the largest Jones Act coastwise shipping company by deadweight tonnage, and U.S. United Barge Lines, LLC ("UBL"), an inland hopper barge and boat fleet. On April 19, 2012, UMG announced that it entered into a definitive agreement to sell UBL to Ingram Barge Company of Nashville, Tenn., subject to receipt of applicable regulatory approvals and satisfaction or waiver of other customary closing conditions.
Oiltanking Holding Americas, Inc., is a wholly owned subsidiary of Oiltanking GmbH, which is a subsidiary of Marquard & Bahls, AG, a leading privately owned German petroleum company. Oiltanking is the second largest independent tank storage provider for petroleum products, chemicals and gases worldwide. The company owns and operates 72 terminals in 22 countries in Europe, North and South America, the Middle East, India and Asia. Oiltanking has an overall storage capacity of approximately 121 million barrels. Oiltanking Holding Americas, Inc., also owns a 71% combined general partner and limited partner interest in Oiltanking Partners, LP (NYSE: "OILT"), a growth-oriented publicly traded master limited partnership engaged in the terminaling, storage and transportation of crude oil, refined petroleum products and liquefied petroleum gas.
BofA Merrill Lynch acted as the financial advisor to UMG, and Willkie Farr & Gallagher, LLP, acted as legal counsel to UMG on the transaction.
Source: United Maritime Group