Maersk Inc. of the A.P. Moller-Maersk Group said Wednesday it had agreed to sell substantially all the assets of its trucking subsidiary Bridge Terminal Transport (BTT) to an affiliate of Platinum Equity, a Los Angeles-based private equity firm.
BTT performs container drayage services at ports and inland locations.
The transaction is expected to be completed on or about Sept. 1, subject to closing conditions.
Terms of the deal were not disclosed, but Maersk group said it will have no impact on its 2013 results.
"The A.P. Moller-Maersk Group’s strategy is to build on its strong presence in shipping, energy and related activities. We have been pleased with the business levels, the profitability and the quality of management at Bridge Terminal Transport. It is, however, a provider of drayage services that does not fit in our long-term strategic focus. The sale will allow the group to reallocate resources to the strategic focus areas within shipping, energy and related activities," said J. Russell Bruner, chairman and chief executive officer of Maersk Inc., in a statement.
Jim Philbin, general counsel at Maersk Inc., said the new owners will continue to do business with the Danish container line.
He said Maersk is “confident we can maintain trucking services with BTT and the other companies we use.”
BTT is one of the leading marine drayage company in the United States with a 30-year history. It covers major port locations and inland rail sites through a network of 28 terminals, 25 container yards and over 1,285 owner-operators. In addition to serving Maersk, its customers include other shipping lines, importers/exporters, and related transportation companies.
BTT ‘s business is concentrated on the East Coast and Southeast all the way to Texas, but includes inland and some West Coast locations.
Platinum Equity vice president, Farhaad Wadia, said his company has “extensive experience with transportation and logistics businesses and we look forward to working with BTT’s management team, employees, independent contractors and other partners to ensure a seamless transition and help BTT reach its full potential.”
Platinum’s Website said its transportation and logistic holdings include Active Aero Group, the barge line American Commercial Lines, International Offshore Services, the heavy equipment transport company Keen Transport, and Neovia Logistics (formerly Caterpillar Logistics Services). - Chris Dupin