KIRBY CORP acquired Savage Inland Marine, LLC (fleet) for approximately $278 million in cash plus assumption of leases, a transaction completed in April 2020, structured as all cash (plus assumed leases). The deal was a Asset purchase.
Savage Inland Marine, LLC (fleet) operates in Marine transportation (inland), is based in Gulf Coast, Mississippi River and tributaries, USA. The inland tank barge fleet of Savage Inland Marine. Savage's tank barge fleet consists of 90 inland tank barges with approximately 2.5 million barrels of capacity and 46 inland towboats, primarily moving petrochemicals, refined products, and crude oil on the Mississippi River, its tributaries, and the Gulf Intracoastal Waterway. Savage also operates a significant ship bunkering business and barge fleeting services along the Gulf Coast.
The purchase of Savage's inland tank barge and towboat fleet represents an excellent strategic addition to Kirby's inland marine fleet with young, well-maintained vessels.
Young, well-maintained fleet plus a New Orleans ship-bunkering business that expanded Kirby's existing Texas and Florida bunkering operations. Bunkering expansion into the New Orleans port and complementary fleeting along the Gulf Coast. Kirby inland marine transportation segment Kirby Q1 2020 earnings release (filed May 5, 2020): the integration of the acquired Savage Inland Marine fleet 'is going well and the expected synergies are occurring.'
The purchase of Savage's inland tank barge and towboat fleet represents an excellent strategic addition to Kirby's inland marine fleet with young, well-maintained vessels. In the last few years, Savage has built a diverse and well-respected inland marine transportation business with a strong presence in towing, bunkering, and fleeting along the Gulf Coast.David Grzebinski, President and CEO, Kirby Corporation
Advisory firms were not disclosed for this transaction.