Ingram Barge Co. has reached an agreement to acquire Tampa-based U.S. United Barge Line, LLC , a barge transportation company known locally by its major operating office presence in Metropolis, Ill.
Financial terms of the deal were not disclosed.
"The acquisition will allow Ingram to continue its leadership role in the inland marine industry in providing best-of-class customer service and frequency of call for its customers," Craig E. Philip, CEO of Ingram Barge, said in a Thursday presser.
The acquisition’s immediate impact on Ingram includes the addition of 17 towboats and nearly 650 barges to the company’s fleet of more than 4,000 barges. The move also adds an estimated 300 UBL workers to the Ingram roster.
"We are pleased to show our commitment to barge transportation by making this important investment in UBL," Orrin H. Ingram, Ingram Barge board chairman, said in the same release. "This acquisition will allow us to renew and replenish our barge and towboat fleet and add the excellent, well respected marine employees of UBL to our family of associates."
Ingram’s purchase of UBL isn’t yet final as details with seller United Maritime Group LLC, are being worked out. The transaction is expected to close before June 30. The deal is subject to standard regulatory approvals and other closing conditions pertinent to similar transactions.