A New York-based private equity firm has purchased Jersey City-based Rand Logistics Inc., the bulk freight shipping company announced recently.
Rand, which provides services throughout the Great Lakes region, was acquired by American Industrial Partners, it said. The firm has more than $4 billion in assets under management, and has been buying industrial businesses in the U.S. and Canada for more than 20 years.
The transaction is tied to Rand’s, and certain subsidiaries’, prepackaged Chapter 11 bankruptcy filing. The company said it now enjoys its strongest financial position in recent years as it emerges from bankruptcy protection.
“We are pleased to have completed the transaction and to be partners with a leading private equity firm that shares our vision for Rand’s future,” CEO and President Edward Levy said in a prepared statement. “The transaction has recast our balance sheet and positions the company for continued customer service and growth.”