Rand Logistics acquired by American Industrial Partnerships, launches ship repair business
American Industrial Partners (AIP) has completed its acquisition of Rand Logistics, Inc. AIP is a New York-based private equity firm with over $4 billion of assets under management that has focused on buying, improving and growing industrial businesses in the U.S. and Canada for over 20 years.
The transaction, which includes the confirmation of the prepackaged Chapter 11 Plan related to Rand and certain of its subsidiaries, was consummated after all conditions were satisfied or waived. As a result, the company has emerged from Chapter 11 with a materially de-levered balance sheet and dramatically reduced annual interest expense. By virtue of the acquisition of the Company by AIP, Rand now enjoys its strongest financial position in recent years.
Just prior to the announcement on completing the acquisition, Rand went public with expanding its existing vessel maintenance and services business with Conneaut Creek Ship Repair, Inc. (CCSR), a full-service ship repair, fabrication and industrial maintenance company.
Conneaut Creek Ship Repair is located in Ashtabula, Ohio and is fully staffed to manage projects of all sizes, with recent contracts awarded by U.S. government agencies and private industry. CCSR’s capabilities and service offerings include, but are not limited to, heavy fabrication and repair services including steel, stainless steel and aluminum fabrication; ship repair while dockside or underway; vessel construction; U.S. Coast Guard Subchapter M remediation; conveyor and track repairs; engine and generator repowering and new installations; heavy-duty winch repair and maintenance; dock fabrication, installation and repair; and commercial diving services.
“We are pleased to announce that we have expanded our service offerings with the addition of Conneaut Creek Ship Repair to the Rand family,” said Ed Levy, President and Chief Executive Officer of Rand. “Conneaut Creek represents the continued growth of our existing ship repair maintenance subsidiary, Lower Lakes Ship Repair. Not only will they service our fleet of U.S. and Canadian flagged vessels, they will also offer innovative solutions, quality work and superior service to many new and existing customers. The formation of Conneaut Creek is consistent with our strategy of broadening our product and service offering to capitalize on the customer relationships that we have built through the operation of our self-unloader and bulk carrier fleet.”
The Conneaut Creek team is led by Senior Director Joseph Craine. Craine has more than 35 years of marine and heavy industry repair and maintenance expertise.
Besides overseeing capital projects and related winter work on Rand vessels during the 2017-18 winter season, Conneaut Creek has already been awarded a number of new pieces of business, including a crane barge conversion project for the U.S. Army Corps of Engineers Buffalo District and dockside ship repair on a commercial vessel.