Rand is an affiliate of private equity firm American Industrial Partners and provides dry bulk shipping services throughout the Greak Lakes region.
“This transaction is a game-changer for both Rand and our customers. Our combined 24-vessel fleet gives us the capability to meet almost every type of dry bulk transportation need on the Great Lakes,” Rand CEO Peter Coxon said. “ASC brings a rich history, superior assets, a safe and efficient operation, and a great team which complement our operations and will benefit our customers in so many tangible ways, such as increased overall transportation capacity through fleet synergies and greater number of loading opportunities. Our vendors will also benefit from the consolidation of tens of millions of dollars of operating and capital spending each year.”
The combination of Rand and ASP will move almost 50 million tons annually of dry bulk commodities on vessels ranging in size from 635 feet to more than 1,000.
“ASC is thrilled to be a part of the creation of a truly unique company with the scale and flexibility to meet the diverse needs of the Great Lakes region,” David Foster, president of American Steamship, said. “ASC brings new asset classes to the combined company along with the efficient, highly qualified crews and shoreside personnel that operate them, all making the combined company one of the premier marine transportation companies in North America.”