SEACOR Holdings Inc. has concluded the sale of its Caribbean liner and logistics business SEACOR Container Lines LLC to King Ocean Services Ltd, a Florida-headquartered transportation and logistics provider.
The transaction includes all operations and assets, but the two companies have not disclosed any financial information yet.
King Ocean specialises in marine transportation and logistics solutions to close to 50 destinations across the Caribbean and South and Central America out of their Port Everglades facilities in Ft Lauderdale, Florida.
“For 40 years, King Ocean, a multi-generational, family-owned business has built a strong reputation for safety, reliability, and trust amongst its people and customers,” said Eric Fabrikant, CEO of SEACOR Holdings, adding, “As the next stewards of SEACOR Island Lines, King Ocean has the values, vision, and resources to meaningfully invest in the
Company’s future and create lasting opportunities for development and growth.”
American Industrial Partners-owned SEACOR acquired SEACOR Island Lines, formerly G&G Shipping, in 2011 and over the years modernised the fleet and enhanced the company’s operations and management team.
“SEACOR Island Lines not only vastly enhances our existing platform adding new end-markets and marine and shoreside infrastructure, but also augments our team with highly qualified transportation and logistics professionals,” said Jose Da Costa Gomez, president and CEO of King Ocean.
“I would like to recognize Eric Fabrikant and SEACOR Island Lines’ Chief Executive Officer Daniel Thorogood for their strong governance and management of business as well as welcome our former colleague Charles Gittens back to King Ocean as he continues in his role as President. We look forward to ensuring a smooth transition for all and continuing to deliver superior service to our customers, both existing and new,” he added.
AMA Capital Partners LLC acted as financial advisor and Milbank LLP acted as legal advisor to SEACOR, while Braemar Corporate Finance GmbH acted as financial advisor and Carlton Fields PA acted as legal advisor to King Ocean Services.
