ACL Acquires AEP River Operations
Marine transportation service company American Commercial Lines (ACL) announced it has acquired commercial inland barge company AEP River Operations from American Electric Power (AEP).
AEP River Operations is based in Chesterfield, Mo., with operations in Paducah, Ky.; and Convent, Algiers and Belle Chasse, La., and delivers approximately 45 million tons of products annually.
Mark Knoy, president and CEO of Jeffersonville, Ind. based ACL, had previously run AEP River Operations for a decade before joining ACL in 2011.
“I have a great deal of respect for AEP River Operations, I know the business very well, and I’m excited about what we will achieve together,” Knoy said. “These are two highly complementary businesses, each with their own strengths, yet unified in their commitment to safety and customer service. This is an exciting day for our employees, our customers and for the future of our business.”
Paul Tobin, ACL’s chief operating officer, and Robert Blocker, ACL’s head of sales and customer service, also spent 10 years at AEP River Operations before joining ACL with Knoy in 2011. All three were previously at MEMCO Barge Line, which was purchased by AEP in 2001.
“Mark and his team know both businesses first-hand and are uniquely equipped to bring them together and maximize the potential of the combined enterprise,” said Louis Samson, partner at ACL’s owner Platinum Equity. “With the additional operational support Platinum Equity provides, they are moving quickly to create substantial value.”
Bank of America Merrill Lynch advised ACL and led the transaction financing, while Latham & Watkins served as legal counsel to ACL.