MADISON, NJ -- (Marketwired) -- 08/07/13 -- Maersk Inc., a subsidiary of the A.P. Moller-Maersk Group, announced today that it has entered into an agreement to sell substantially all the assets of its subsidiary Bridge Terminal Transport, Inc. (BTT) to an affiliate of Platinum Equity, a Los Angeles-based private equity firm.
The transaction is expected to be completed on or about September 1, 2013, subject to satisfaction of customary closing conditions. The transaction will have no impact on the Group's result for 2013.
"The A.P. Moller-Maersk Group's strategy is to build on its strong presence in shipping, energy and related activities. We have been pleased with the business levels, the profitability and the quality of management at Bridge Terminal Transport. It is, however, a provider of drayage services that does not fit in our long-term strategic focus. The sale will allow the Group to reallocate resources to the strategic focus areas within shipping, energy and related activities," stated J. Russell Bruner, Chairman and CEO of Maersk Inc.
Bridge Terminal Transport, Inc. is a leading marine drayage company in the United States with a 30 year history. It covers major port locations and inland rail sites through a network of 28 terminals, 25 container yards and over 1,285 owner operators. Customers include shipping lines, importers/exporters, and related segments.
"We are excited about this opportunity and are pleased to collaborate with Maersk in constructing a compelling divestiture solution," said Platinum Equity Vice President Farhaad Wadia, whose team is leading the proposed acquisition. "We have extensive experience with transportation and logistics businesses and we look forward to working with BTT's management team, employees, independent contractors and other partners to ensure a seamless transition and help BTT reach its full potential."
About Platinum Equity
Platinum Equity (www.platinumequity.com) is a global M&A&O® firm specializing in the merger, acquisition and operation of companies that provide services and solutions to customers in a broad range of business markets, including information technology, telecommunications, logistics, metals services, manufacturing and distribution. Since its founding in 1995 by Tom Gores, Platinum Equity has completed more than 150 acquisitions.
Media Contacts:
Jim Philbin
Maersk Inc.
(973) 514-5061
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Dan Whelan
Platinum Equity
(310) 282-9202
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