"The acquisition will allow Ingram to continue its leadership role in the inland marine industry in providing best-of-class customer service and frequency of call for its customers," said Craig E. Philip, CEO of Ingram Barge Company.
The acquisition will add 17 towboats and almost 650 barges to the Ingram fleet. Approximately 300 UBL associates will join Ingram.
"We are pleased to show our commitment to barge transportation by making this important investment in UBL," said Orrin H. Ingram, chairman of the board of Ingram Barge Company. "This acquisition will allow us to renew and replenish our barge and towboat fleet and add the excellent, well respected marine employees of UBL to our family of associates,"
UBL will be acquired from its owner, United Maritime Group LLC, in a transaction that 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.
"This acquisition will maintain our ability to provide effective, efficient and economical transportation services," Philip noted. "We anticipate that the acquisition of UBL will enable Ingram to serve a broader base of valued customers with the type of focused customer service for which Ingram, and UBL, have been known."
United Maritime Group LLC was purchased in 2007 by an investor group led by Miami-based Greenstreet Equity Partners from its former parent TECO Energy and has operated in the coal terminaling, inland barge and ocean transportation businesses.
Ingram Barge Company is a subsidiary of Ingram Industries Inc., based in Nashville, Tenn., which is one of America's largest privately held companies. It consists of diversified businesses in physical and digital book distribution, on-demand printing, marine transportation and digital fulfillment services. Ingram Industries Inc. includes two operating divisions: Ingram Marine group and Ingram Content Group.
Ingram Marine Group includes two primary operating units: Ingram Barge Company and Custom Fuel Services. Ingram operates a fleet of more than 100 line haul towboats and nearly 4000 barges that transport coal, aggregates, grain, fertilizer, ores, alloys, steel products and chemicals.
Custom Fuel Services operates 11 floating fueling stations on the Mississippi and Ohio River Systems and provides marine fuels, lubricants and other miscellaneous services to towboats, barges, stevedoring rigs and ships.
In addition, Ingram operates a ship anchorage in Louisiana and a bulk commodities terminal in Florida. For more information, visit the website www.ingrambarge.com.