Maersk Inc. Announces Sale of Bridge Terminal Transport, Inc. to Platinum Equity
MADISON, NJ -- (Marketwired) -- 08/07/13 -- Maersk Inc., a
subsidiary of the A.P. Moller-Maersk Group, announced today that it
has entered into an agreement to sell substantially all the assets of
its subsidiary Bridge Terminal Transport, Inc. (BTT) to an affiliate
of Platinum Equity, a Los Angeles-based private equity firm.
The transaction is expected to be completed on or about September 1,
2013, subject to satisfaction of customary closing conditions. The
transaction will have no impact on the Group's result for 2013.
"The A.P. Moller-Maersk Group's strategy is to build on its strong
presence in shipping, energy and related activities. We have been
pleased with the business levels, the profitability and the quality
of management at Bridge Terminal Transport. It is, however, a
provider of drayage services that does not fit in our long-term
strategic focus. The sale will allow the Group to reallocate
resources to the strategic focus areas within shipping, energy and
related activities," stated J. Russell Bruner, Chairman and CEO of
Bridge Terminal Transport, Inc. is a leading marine drayage company
in the United States with a 30 year history. It covers major port
locations and inland rail sites through a network of 28 terminals, 25
container yards and over 1,285 owner operators. Customers include
shipping lines, importers/exporters, and related segments.
"We are excited about this opportunity and are pleased to collaborate
with Maersk in constructing a compelling divestiture solution," said
Platinum Equity Vice President Farhaad Wadia, whose team is leading
the proposed acquisition. "We have extensive experience with
transportation and logistics businesses and we look forward to
working with BTT's management team, employees, independent
contractors and other partners to ensure a seamless transition and
help BTT reach its full potential."
About Platinum Equity
Platinum Equity (www.platinumequity.com) is a
global M&A&O(R) firm specializing in the merger, acquisition and
operation of companies that provide services and solutions to
customers in a broad range of business markets, including information
technology, telecommunications, logistics, metals services,
manufacturing and distribution. Since its founding in 1995 by Tom
Gores, Platinum Equity has completed more than 150 acquisitions.
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