Ingram Barge Company has reached an agreement to acquire Florida-based U.S. United Barge Line, LLC (UBL), a wholly owned barge transportation subsidiary of United Maritime Group (UMG), in a deal that will add 17 towboats and almost 650 barges to Ingram’s fleet, along with hundreds of employees.
“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 CEO of Ingram Barge Craig E. Philip, CEO of Ingram Barge Company.
Nashville-based Ingram Barge Company, which is part of the massive privately held company Ingram Industries Inc., expects the deal to close this quarter.
“We are pleased to show our commitment to barge transportation by making this important investment in UBL. 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,” said Orrin H. Ingram, Chairman of the Board of Ingram Barge Company.
“Since acquiring UBL in 2007, we have developed the business as an independent provider of barging services to the domestic and export markets for coal, petroleum coke, grain and other dry bulk commodities,” said UMG Chief Executive Officer Steven Green. “We are proud of the results we have achieved with UBL and believe that the long history and exceptional reputation of the Ingram Barge Company speak to the opportunity for continued reliable service for our customers and opportunities for continued growth for our employees at UBL.”
UMG was purchased from its parent company TECO Energy in December 2007 by an investment group led by Greenstreet Equity Partners LLC and focuses on serving the domestic and export coal and petroleum coke markets.