Oaktree, American Industrial Exploring Sale of Rand Logistics
Oaktree, American Industrial Exploring Sale of Rand Logistics
(Bloomberg) -- Oaktree Capital Management LP and American Industrial Partners are exploring a sale of marine transportation company Rand Logistics, which could fetch more than $1 billion, including debt, according to people with knowledge of the matter.
Oaktree and AIP are working with advisers on a sale of the Williamsville, New York-based company, said the people, asking not to be identified because the matter is private. No final decision has been made and they could opt to hold onto Rand.
An Oaktree spokeswoman declined to comment. Representatives for AIP and Rand didn’t immediately respond to requests for comment.
Rand describes itself as a leading marine infrastructure provider on the Great Lakes that delivers over 45 million tons annually of bulk cargo including iron ore, grain and stone across the U.S. and Canada. It operates 24 vessels across the Great Lakes and St. Lawrence Seaway.
AIP agreed in February to sell a minority stake in the company to Oaktree’s transportation group, according to a statement at the time.
“With connectivity to ports across the Great Lakes, we hope to drive connectivity with Watco, one of the largest short-line rail providers in the country, and another anchor investment in our portfolio,” Oaktree Managing Director Emmett McCann said in that statement.
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