Rand is an affiliate of private equity firm American Industrial Partners and provides dry bulk shipping services throughout the Great Lakes region. ASC operates a large fleet of vessels on the Great Lakes, providing water transportation of more than 27 million tons annually of dry bulk commodities.
The strategic combination of Rand and ASC will create the largest fleet on the Great Lakes, it said.
“We are excited about this transformative combination of two leading vessel operators on the Great Lakes. This strategic union will create significant additional shipping capacity through network efficiencies and repositioning of the respective fleets. All of which will allow the resulting company to further improve its customer service and offer additional flexibility and shipping capacity to its customer base,” Rand CEO Peter Coxon said.
“ASC is an iconic American company with a rich 113-year history and an important role in moving the materials that built, sustain and drive the vast industrial capacity of the Great Lakes region. We are thrilled to partner with management and further increase our investment in the Great Lakes shipping and logistics ecosystem,” Jason Perri, partner of AIP and chairman of Rand’s board of directors, said. “ASC’s asset quality and track record of reliability, safety and service in moving raw materials for its customers is world class and we look forward to integrating these two great companies into a new and larger platform for growth under our ownership.”