SEACOR HOLDINGS INC. ANNOUNCES SALE OF U.S. HARBOR TOWING ASSETS AND OPERATIONS
FORT LAUDERDALE, Fla., Sept. 25, 2023 (GLOBE NEWSWIRE) -- SEACOR Holdings Inc. (“SEACOR”) announced today the sale of its U.S. harbor towing operations and assets from its Seabulk Towing Holdings Inc. (“Seabulk”) subsidiary to two parties, E.N. Bisso & Son, Inc. (“E.N. Bisso”) and Bay-Houston Towing Co. (“Bay-Houston”).
The E.N. Bisso transaction includes 12 harbor towing vessels across ports in Florida and Alabama. Bay-Houston is acquiring eight vessels operating in Texas along the Sabine Neches Navigation District and in the Port of Lake Charles, LA.
“E.N. Bisso and Bay-Houston are two industry leading harbor towing providers supported by many decades of safe and reliable operations,” said Eric Fabrikant, Chief Executive Officer of SEACOR Holdings. “They not only offer our people and assets long-term homes, but also ensure the continuation of high-quality service for our customers.”
“Acquiring an industry leading platform in these markets is exciting for E.N. Bisso and enables us to enhance our services in Florida and expand into Alabama,” said Matt Holzhalb, President and Chief Executive Officer at E.N. Bisso. “Not only are we growing our fleet with the addition of new, differentiated assets like the innovative Advanced Rotortug, but we are thrilled to welcome such high caliber team members to the E.N. Bisso family.”
“This acquisition expands Bay-Houston’s ability to service our customers across more Texas and Louisiana ports,” said Philip Kuebler, President and Chief Executive Officer at Bay-Houston. “We look forward to providing both existing and new customers with a smooth transition and serving as a valuable partner for years to come.”
Seabulk will continue to own and operate a fleet of tugs and barges in support of its Caribbean terminal and bunkering operations, including the KSM joint venture with partner KOTUG International B.V.
The transaction is expected to close in late 2023, subject to regulatory approval and customary closing conditions.
J.P. Morgan Securities LLC acted as exclusive financial advisor and Milbank LLP acted as legal advisor to SEACOR.
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About SEACOR
SEACOR Holdings Inc., a portfolio company of American Industrial Partners, is a diversified holding company with interests in domestic and international transportation and logistics assets. American Industrial Partners is an operationally-oriented private equity investor that is distinctively focused on buying industrial businesses with operations in the U.S., Canada, and other developed markets and creating value through business building strategies. American Industrial Partners manages approximately $16 billion on behalf of its limited partners. For more information, please visit www.americanindustrial.com.
About SEABULK
Seabulk, through its affiliates, provides ship assist services in eight U.S. Gulf of Mexico and Florida coast ports, along with customized solution-based offshore towing for short- and long-term project requirements.
About E.N. Bisso
E.N. Bisso & Son, Inc. is a fifth-generation family-owned harbor tug business headquartered in New Orleans. With this acquisition, the company will own and operate 34 harbor tugs at ten locations from Louisiana to Florida. E.N. Bisso has a diversified portfolio of ship owner and operator customers located around the globe whose businesses span all segments of international deep-sea commerce.
About Bay-Houston
Bay-Houston Towing Co. is a fifth-generation family-owned business that has been assisting ships calling ports along the Texas Gulf Coast since the late 1800s. The acquisition will increase the company’s fleet to 34 tugboats.
For additional information, contact SEACOR at (954) 523-2200 or visit SEACOR’s website at www.seacorholdings.com.