Maersk to Sell Drayage Unit Bridge Terminal Transport
Shipping line Maersk Inc. has agreed to sell drayage subsidiary Bridge Terminal Transport to an affiliate of Platinum Equity, a Los Angeles-based private equity firm.
Terms were not released for the deal, which Maersk said it expects to close by Sept. 1. Maersk is a subsidiary of A.P. Moller-Maersk Group.
Bridge Terminal Transport, a 30-year-old company, covers major port locations and inland rail sites through a network of 28 terminals, 25 container yards and almost 1,300 owner-operators. Its customers include shipping lines, importers/exporters, and related segments.
With 2012 revenue of $207.3 million, BTT is the eighth-largest company in the intermodal and drayage sector of the Transport Topics Top 100 listing of North American for-hire carriers. All of its equipment is provided by owner-operators.
The drayage company “does not fit in our long-term strategic focus [and] the sale will allow [Maersk] to reallocate resources to . . . shipping, energy and related activities,” Maersk Chairman and CEO J. Russell Bruner said in a statement.
