File Photo: David Byron Keener/Shutterstock
New Orleans-based Maritime Partners has acquired a large and diversified fleet of over 1,000 marine vessels from J. Russell Flowers, Inc.
JRF’s fleet includes a variety of towboats, tank barges, hopper barges, and deck barges operating on bareboat charter.
The acquisition grows Maritime Partners’ portfolio to approximately 1,600 vessels with an estimated fair market value of $1.2 billion, making the firm the largest lessor of marine equipment in the United States.
“We are thrilled to complete the acquisition of the JRF portfolio. With this transaction, we’ll expand and diversify our fleet, enhancing our product offering as a one-stop solution for all marine equipment requirements,” said Bick Brooks, co-founder and CEO of Maritime Partners. “We want to thank all stakeholders, including our lending partners at Credit Suisse and Stonebriar Commercial Finance for supporting our growth.”
Austin Sperry, co-founder and COO of Maritime Partners, noted “Six years ago we established a vision to become the leading equipment provider to the domestic marine industry. This acquisition represents the culmination of our vision. We are excited to continue to partner with the Jones Act operator community to serve as a provider of flexible vessel financing solutions.”
Maritime Partners is a privately-held company founded in 2015 that specializes in Jones Act trades. That company provides assets that transport the commodities including agricultural products, chemicals, aggregates, crude oil, and refined petroleum products.
“We congratulate Maritime Partners on the successful completion of this acquisition and wish Bick and Austin great success,” said Jill Flowers, Chairman and CEO of J. Russell Flowers. I’m confident that Russell’s legacy and vision for the future will be furthered by this transaction. I also wish to thank our many valued customers who supported us for so many years.”
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