Wall Street is losing another name in shipping. US transport and logistics firm Seacor Holdings has entered into a definitive agreement with an affiliate of private equity firm American Industrial Partners to take the company private in an all-cash transaction worth around $1bn including debt.
AIP will commence a tender offer to acquire all outstanding shares of Seacor for $41.50 per share in cash, a premium of 14% to the closing price at the end of last week.
The agreement has been approved by Seacor’s board of directors and they recommend that shareholders also take up the offer.
“This transaction is an exciting next step for Seacor, delivering stockholders an immediate and meaningful premium for their shares and providing the Company with access to additional growth capital and financial flexibility,” said Charles Fabrikant, executive chairman and CEO of Seacor. “AIP is an ideal partner for Seacor that recognises the value of its unique, diversified platform and management looks forward to leveraging their investment and operational expertise in pursuing industry consolidation and other growth opportunities across all our businesses. AIP has demonstrated success investing in and growing industrial, services, and marine businesses, and I am confident our employees and customers will greatly benefit from this partnership.”
Once the deal is closed, Charles Fabrikant will step down from his executive positions and Eric Fabrikant, currently COO, will assume the role of chief executive officer.
“We are thrilled to partner with Seacor’s talented management team and welcome its family of businesses and employees into the American Industrial Partners portfolio,” said Jason Perri, partner of AIP.
Seacor Holdings owns a portfolio of companies that includes Seabulk, Waterman, Seacor Island Lines and Witt O’Brien’s.