Platinum Equity Completes Acquisition of American Commercial Lines
21 Diciembre 2010 - 2:04PM
Marketwired
Platinum Equity announced today that it has completed the
acquisition of American Commercial Lines Inc. ("ACL") (NASDAQ:
ACLI), one of the largest and most diversified inland marine
transportation and service companies in the United States.
The acquisition was a public-to-private transaction in which
Platinum Equity agreed to acquire most outstanding shares of ACL
stock for $33.00 per share. ACL stockholder GVI Holdings, Inc. and
certain of its affiliates are receiving $31.25 per share. The
company previously traded on the NASDAQ Global Select Market under
the ticker symbol "ACLI."
On October 18, 2010, Platinum Equity signed a definitive
agreement to acquire ACL by merger. ACL shareholders approved the
merger transaction on December 14, 2010.
"ACL has strong management, a talented workforce and a proud
tradition as a leader in marine transportation and manufacturing,"
said Louis Samson, principal, Platinum Equity, who led the team
pursuing the ACL acquisition. "Mike Ryan and the management team
have made a lot of progress in recent years transforming and
positioning the business. We are excited to roll up our sleeves and
provide additional support to the company's efforts."
Platinum Equity has already deployed a transition team to
support ACL.
"Platinum Equity's extensive resources and operational expertise
will enable us to accelerate the execution of our strategic
business initiatives and position us to expand our role as a top
transportation services provider," said Mike Ryan, ACL president
and chief executive officer. "We are pleased to begin a new chapter
in ACL's history and are excited about the future."
Mr. Ryan, who joined ACL in 2005 and has served as chief
executive officer since 2008, will continue to lead the company
under Platinum Equity's ownership.
Mr. Samson said that in addition to providing operations
support, Platinum Equity's M&A team will continue working
closely with ACL as well.
"ACL has strong fundamentals and is well positioned for growth,
both organically and through prospective acquisitions," said Mr.
Samson. "We will work with the management team to identify,
evaluate and pursue attractive opportunities to grow and expand the
business."
About Platinum Equity Platinum Equity is a
global M&A&O® firm specializing in the merger, acquisition
and operation of companies that provide services and solutions to
customers in a broad range of business markets, including
information technology, telecommunications, logistics, metals
services, manufacturing and distribution. Since its founding in
1995 by Tom Gores, Platinum Equity has completed over 100
acquisitions with more than $27.5 billion in aggregate annual
revenue at the time of acquisition. For more information, go to
www.platinumequity.com.
About American Commercial Lines Inc.
American Commercial Lines Inc., headquartered in Jeffersonville,
Indiana, is an integrated marine transportation and service company
operating in the United States Jones Act trades, with approximately
$850 million in revenues and approximately 2,570 employees as of
December 31, 2009. For more information about American Commercial
Lines Inc., visit www.aclines.com.
Contacts: Dan Whelan Platinum Equity (310) 282-9202 Email
Contact David T. Parker ACL (800) 842-5491 Email Contact
American Commercial Lines (MM) (NASDAQ:ACLI)
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