METAIRIE — Metairie-based Maritime Partners LLC, through its managed funds, has acquired a diversified portfolio of more than 1,000 marine vessels operating on bareboat charter from Mississippi-based J. Russell Flowers Inc. and its affiliates. JRF’s fleet includes a variety of towboats, tank barges, hopper barges and deck barges.
With this acquisition, Maritime Partners’ portfolio has grown to approximately 1,600 vessels and an estimated fair market value of $1.2 billion. Russell Flowers Inc. was founded by Russell Flowers in 1994 and has grown to become one of the nation’s largest independent leasing companies of inland marine barges and towboats.
“We congratulate Maritime Partners on the successful completion of this acquisition and wish Bick and Austin great success,” said Jill Flowers, chairman and CEO of J. Russell Flowers, in a press release. “I’m confident that Russell’s legacy and vision for the future will be furthered by this transaction. I also wish to thank our many valued customers who supported us for so many years.”
“We are thrilled to complete the acquisition of the JRF portfolio. With this transaction, we’ll expand and diversify our fleet, enhancing our product offering as a one-stop solution for all marine equipment requirements,” said Bick Brooks, co-founder and CEO of Maritime Partners. “We want to thank all stakeholders, including our lending partners at Credit Suisse and Stonebriar Commercial Finance for supporting our growth.”
Credit Suisse AG and its affiliates provided the buyer with debt financing and acted as sole lender for the transaction. Reed Smith LLP and Sher Garner Cahill Richter Klein & Hilbert LLC provided legal counsel to the buyer. Thompson Coburn LLP provided legal counsel to the seller. RBC Capital Markets advised the seller.
