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AIP acquires bulk freight shipping services provider Rand Logistics

LBR Staff Writer Published 02 March 2018

New York-based private equity firm American Industrial Partners (AIP) has completed the acquisition of bulk freight shipping services provider Rand Logistics.

Rand Logistics provides bulk freight shipping services across the Great Lakes region, which includes areas of the eight US states of Illinois, Indiana, Michigan, Minnesota, New York, Ohio, Pennsylvania and Wisconsin, as well as Canadian province of Ontario.

Via its subsidiaries, Rand Logistics operates a fleet of three conventional bulk carriers and 12 self-unloading bulk carriers, including three tug/barge units.

Rand is claimed to be the only company that offers significant domestic port-to-port services in both Canada and the US on the Great Lakes.

The company’s vessels operate under the US Jones Act and the Canada Coasting Trade Act.

The US Jones Act allows domestic waterborne commerce to vessels that are US owned, built and crewed, while the Canada Coasting Trade Act allows domestic waterborne commerce to Canadian registered and crewed vessels that operate between Canadian ports

Rand Logistics president and CEO Edward Levy said: “We are pleased to have completed the transaction and to be partners with a leading private equity firm that shares our vision for Rand’s future.”

AIP partner Jason Perri said: “Rand’s track record of reliability, safety and service in moving critical raw materials among world class customers between ports on the Great Lakes speaks for itself.  

“We are pleased to help Rand reduce its debt burden and restore its financial health for the benefit of all stakeholders, especially customers and employees, and look forward to working with Rand to continue to improve its operations and broaden its capabilities as a new platform for growth under our ownership.”   

With over $4bn assets under management, AIP makes control investments in industrial businesses that serve domestic and global markets. It mainly focuses on businesses in the US and Canada.