KIRBY CORP acquired Cenac Marine Services, LLC (fleet) for approximately $244 million in cash, a transaction completed in March 2019, structured as all cash (financed through additional borrowings). The deal was a Asset purchase.
Cenac Marine Services, LLC (fleet) operates in Marine transportation (inland), is based in Gulf Coast / Mississippi River System, USA. The marine transportation fleet of Cenac Marine Services, L.L.C. Cenac's fleet consists of 63 30,000-barrel inland tank barges with approximately 1.9 million barrels of capacity, 34 inland towboats, and 2 offshore tugboats, moving petrochemicals, refined products, and black oil including crude oil and residual fuel.
The acquisition of Cenac's young fleet of well-maintained inland tank barges and modern boats is an ideal complement to Kirby's operations.
Very young fleet (tank barges average four years, boats six years) that further reduced Kirby's average fleet age and avoided newbuild capital. Expanded Kirby's inland fleet capacity and lowered average vessel age. Kirby inland marine transportation segment Kirby Q1 2019 earnings release (filed May 2, 2019) discusses the acquisition of Cenac Marine Services, LLC's marine transportation fleet, describing a young fleet of well-maintained 30,000 barrel tank barges and modern tows.
The acquisition of Cenac's young fleet of well-maintained inland tank barges and modern boats is an ideal complement to Kirby's operations. Cenac has a strong history of operational excellence, and is well respected by the industry and its customers. Cenac's inland fleet of 30,000-barrel tank barges ... has an average age of only four years.David Grzebinski, President and CEO, Kirby Corporation
Advisory firms were not disclosed for this transaction.