Seacor Holdings has been sold to private equity firm American Industrial Partners (AIP) in a US$1Bn deal
The New York-based buyer has reached agreement with Seacor management for an all-cash transaction, including net debt. It will commence a tender offer to acquire all Seacor’s shares for US$41.5 per share in cash, which represents a premium of about 14% to the company’s closing stock price on 4 December 2020.
This will see a group incorporating marine transportation, harbour and terminal services, vessel management, warehousing and logistics going private.
The deal was approved by Seacor’s board of directors, which recommend stockholders tender their shares in the offer, and will lead to the growth of Seacor and potential future mergers and acquisitions.
“This transaction is an exciting next step for Seacor, delivering stockholders an immediate and meaningful premium for their shares and providing the company with access to additional growth capital and financial flexibility,” said Seacor chairman and chief executive Charles Fabrikant.
“AIP is an ideal partner for Seacor that recognises the value of its unique, diversified platform,” he added, “and management looks forward to leveraging their investment and operational expertise in pursuing industry consolidation and other growth opportunities across all our businesses.”
Mr Fabrikant intends to step down from his executive positions, following closing of the transaction, in Q1 2021. Seacor’s chief operating officer Eric Fabrikant will then assume the role of chief executive.
AIP partner Jason Perri said Seacor is aligned with AIP’s core skill sets and mission. “Seacor has demonstrated a unique combination of proven investment acumen and a track record as a first-class operator of businesses across various end markets, including the Jones Act marine space,” said Mr Perri.
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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