Seacor Holdings has been acquired by American Industrial Partners (AIP) and its affiliates for an estimated US$1Bn, as the next generation takes over management
This private equity purchase will see the delisting of Seacor Holdings’ common stock from the New York Stock Exchange and retirement of its founder Charles Fabrikant.
He said this deal “marks an important milestone” for Seacor. “I am confident in the company’s smooth transition to a private company and look forward to seeing the company’s continued success in partnership with AIP,” said the founder.
Eric Fabrikant has taken over as chief executive of Seacor. “We are excited to complete this transaction and become part of the AIP family,” he said. “Going forward, Seacor will have greater financial flexibility to execute our strategy and pursue long-term growth opportunities and industry consolidation.”
AIP received 70.4% of outstanding shares during a tendering process, as of the expiration time of the tender offer.
As a result of the merger, all Seacor shares not previously purchased in the tender offer were converted into the right to receive US$41.50 per share, net to the seller in cash. This is the same price as the initial tender to purchase the common shares, which started at the end of 2020.
“As we enter this exciting new chapter, we look forward to leveraging AIP’s investment and operational expertise as we seek to further strengthen our market position across all our businesses,” said the chief executive, Mr Fabrikant.
Foros acted as financial advisor to Seacor, while Milbank acted as legal advisor to Seacor and Ropes & Gray acted as legal advisor to AIP.
Seacor is a diversified holding company with interests in domestic and international transportation and logistics, crisis and emergency management, and clean fuel and power solutions This group includes Seabulk, providing efficient marine logistics and infrastructure solutions, including bulk transportation, harbour and terminal services and vessel management.
SCF provides integrated river transportation and logistics in South America and the US, including supply chain solutions using a fleet of barges and towboats, inland terminals and loading facilities. Seacor Island Lines provides integrated cargo transportation and logistics between the US, the Bahamas and Turks and Caicos islands.
Other businesses include logistics provider Waterman, cleaner fuels and power supplier Cleancor and crisis and emergency management firm, Witt O’Brien.
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