Maersk Inc., a subsidiary of the global shipping and energy conglomerate A.P. Moller-Maersk Group, has finalized an agreement to divest its subsidiary, Bridge Terminal Transport, Inc. (BTT), to an affiliate of Platinum Equity, a private equity firm based in Los Angeles. This strategic move, announced on August 7, 2013, marks a significant shift in Maersk’s portfolio as it refocuses on its core shipping, energy, and related sectors. The deal, subject to standard closing conditions, was projected to close around September 1, 2013.
Alt: Bridge Terminal Transport terminal showcasing container handling equipment and yard.
According to J. Russell Bruner, Chairman and CEO of Maersk Inc., the decision to sell Bridge Terminal Transport aligns with the A.P. Moller-Maersk Group’s overarching strategy. While acknowledging BTT’s strong business performance, profitability, and management quality, Bruner emphasized that “bridge terminal transport” services, specifically drayage operations, are not central to the Group’s long-term strategic objectives. This divestiture enables Maersk to redirect resources towards its core areas of shipping, energy, and associated activities, reinforcing its market leadership in these domains.
Bridge Terminal Transport, Inc. stands as a prominent player in the marine drayage industry within the United States. With a robust 30-year operational history, BTT boasts an extensive network across major port locations and inland rail hubs. Their infrastructure includes 28 terminals and 25 container yards, supported by over 1,285 owner-operators. BTT’s clientele encompasses a broad spectrum of industry stakeholders, including major shipping lines, importers, exporters, and other related logistics segments, highlighting its critical role in the “bridge terminal transport” ecosystem.
Alt: Aerial view of a vast container yard at Bridge Terminal Transport, illustrating the scale of operations.
Platinum Equity, recognized for its global M&A&O® (Merger, Acquisition, and Operation) expertise, views the acquisition of Bridge Terminal Transport as a strategic opportunity. Farhaad Wadia, Vice President at Platinum Equity, highlighted the firm’s enthusiasm for the acquisition and their collaboration with Maersk to achieve a mutually beneficial divestiture. Platinum Equity brings substantial experience in the transportation and logistics sectors, positioning them well to guide BTT into its next phase of growth. Wadia stated, “We look forward to working with BTT’s management team, employees, independent contractors and other partners to ensure a seamless transition and help BTT reach its full potential.” This acquisition underscores Platinum Equity’s commitment to expanding its portfolio within the logistics and transportation industries.
About Platinum Equity
Platinum Equity is a global firm specializing in mergers, acquisitions, and operations. They focus on companies providing services and solutions across diverse markets such as information technology, telecommunications, logistics, metals services, manufacturing, and distribution. Founded in 1995 by Tom Gores, Platinum Equity has a proven track record, having completed over 150 acquisitions, demonstrating their capacity to enhance and grow acquired businesses. Their acquisition of “bridge terminal transport” provider BTT is set to leverage this extensive experience.
