TPG’s founders acquire 100 percent of company ownership
TPG Marine Enterprises, LLC, an Indiana-based maritime logistics company, announced October 23 that it has purchased 100 percent ownership of its primary operating company, TPG Mt. Vernon Marine, LLC. TPG Mt. Vernon Marine provides harbor services on the lower Ohio River under the names of Mt. Vernon Barge Service, Green River Barge Service and MVBS Jeffersonville, LLC. It also owns TPG Chicago Dry Dock, LLC, located on the Calumet River.
Prior to the purchase, TPG Marine Enterprises held majority ownership of TPG Mt. Vernon Marine. Platte River Equity, a Denver-based equity fund, owned the remaining minority interest.
Daniel B. Altman, CEO of the TPG entities said: “We are grateful to Platte River Equity for helping us grow our company over the past five years so we could buy out its minority interest using only bank financing; this buyout is truly an historic event and one that finally gives the founders complete independence.”
The founders are Altman and his partner, Don W. Miller, Jr., President of the TPG entities.
Miller said: “We have built a solid company and are excited about several future opportunities that will enable our business to continue to grow.”