New Orleans-headquartered Maritime Partners is set to acquire M/G Transport Holdings from Auxo Investment Partners and its affiliates to expand its capacity for transporting dry cargo along inland waterways
Founded in 1968, M/G is a leading provider of marine transport services along the West Canal and Lower Mississippi River. It specialises in moving petroleum coke, sugar and minerals on a young fleet of 300 dry cargo barges.
Its acquisition by Maritime Partners is expected to be completed Q3 2022 subject to customary closing conditions, including receipt of regulatory approvals. Terms of the transaction were not disclosed.
The purchased company will continue to operate under the M/G brand as a standalone entity, and the members of the management team will continue in their current roles.
“M/G is a natural complement to our platform given the contractual nature of M/G’s business,” said Maritime Partners co-founder and chief executive Bick Brooks. “The M/G fleet further diversifies the vessel capacity solutions we are able to offer the Jones Act community.”
Reed Smith is serving as legal counsel to Maritime Partners, while RBC Capital Markets is serving as exclusive financial advisor to M/G.
“Long-term relationships are critical for success in the domestic maritime industry,” said Maritime Partners co-founder and chief operating officer Austin Sperry as he explained the strategy going forward. “We are excited to support M/G’s success by continuing to foster strong relationships with M/G’s customer base over the long-term.”
M/G executive chairman Greg Binion expects services along West Canal and Lower Mississippi River to improve following the deal.
“I am excited by the additional resources that Maritime Partners brings to M/G, and the ability to elevate the already high level of service and great value M/G delivers to its customers,” he said.
Miller Johnson, Barnes & Thornburg, and Winston & Strawn are serving as M/G’s legal advisors.
