“This acquisition will allow us to renew and replenish our barge and towboat fleet and add the excellent, well respected marine employees of UBL to our family of associates,” said Orrin H. Ingram, chairman of the board, Ingram Barge.
UBL will be acquired from its owner, United Maritime Group, LLC, in a transaction that is expected to close in the second quarter of 2012, subject to receipt of applicable regulatory approvals and satisfaction or waiver of other customary closing conditions.
“This acquisition will maintain our ability to provide effective, efficient and economical transportation services,” Philip said. “We anticipate the acquisition of UBL will enable Ingram to serve a broader base of valued customers with the type of focused customer service for which Ingram, and UBL, have been known.”
United Maritime Group was purchased in 2007 by an investor group led by Miami-based Greenstreet Equity Partners from its former parent TECO Energy and has operated in the coal terminal, inland barge and ocean transportation businesses.