Elliott Bay Design Group LLC (EBDG) announced that its management and employees have purchased the firm from its parent company, American Commercial Lines (ACL). The transaction closed on December 1, 2011.
Following an internal business review, ACL decided to divest itself of EBDG to focus on its core businesses – inland towing and barge construction. This decision was a positive change for both parties, allowing EBDG to open up ownership to a broad base of employees. Both EBDG and ACL look forward to working together on future vessel building projects.
EBDG is also in the process of reâ€opening its second office in New Orleans, La. and looking forward to growing its staff.
“We effected the management buyout with the goal of growing the firm, pursuing a wider range of projects and having greater flexibility to hire outstanding employees,” said John Waterhouse, Chief Concept Engineer at EBDG. This increased independence also allows EBDG to be more nimble in responding to customers.
“Being an employeeâ€owned company makes EBDG an exciting place to work for ‘up and coming’ engineers and designers,” said Joe Pritting, EBDG President. “We have a strong, positive culture with a fun, creative working atmosphere.”
ABOUT ELLIOTT BAY DESIGN GROUP
Elliott Bay Design Group provides naval architecture, marine engineering and production support for the commercial marine industry, serving owners, operators, shipyards and government agencies across the country and internationally.
Source: Elliot Bay Design Group