Marine Repair Service – Container Maintenance Corporation (CMC), ITI Intermodal, Inc. (ITI) and Columbia Container Services have completed their agreement in order to combine their businesses.
The closing date is targeted for mid-April following the regulatory review.
Through this deal, the companies will collectively provide a full range of dry and reefer equipment maintenance & repair (M&R), storage, drayage and over-the-road services for intermodal freight in the United States Midwest, Gulf, Southeast and Northeast.
According to a joint statement, over the past decade, global transportation markets have continued to evolve significantly. Beyond the supply chain issues driven by the global pandemic, markets, manufacturers, transportation and distribution companies, and retailers have created higher levels of interconnectedness and dramatically shortened times to market.
This ongoing evolution is increasing the need for a reliable transportation network to which all three companies provide repair, maintenance, inspection and storage services.
All the founders, each of whom will own significant equity in the new company, are going forward with the business. The new company will be under the leadership of Vincent Marino, Joshua Cooley and Bruce Fenimore. All three founders will serve on the board of directors of the new company. Moreover, the merger will not impact local leadership or employees.
