Attached files
file | filename |
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8-K - FORM 8-K - AMERICAN COMMERCIAL LINES INC. | c61893e8vk.htm |
EX-3.1 - EX-3.1 - AMERICAN COMMERCIAL LINES INC. | c61893exv3w1.htm |
EX-3.2 - EX-3.2 - AMERICAN COMMERCIAL LINES INC. | c61893exv3w2.htm |
EX-99.1 - EX-99.1 - AMERICAN COMMERCIAL LINES INC. | c61893exv99w1.htm |
Exhibit 99.2
FOR IMMEDIATE RELEASE
|
Contacts: | |
Dan Whelan, Platinum Equity | ||
(310) 282-9202 | ||
dwhelan@platinumequity.com | ||
David T. Parker, ACL | ||
(800) 842-5491 | ||
David.Parker@aclines.com |
PLATINUM EQUITY COMPLETES ACQUISITION
OF AMERICAN COMMERCIAL LINES
OF AMERICAN COMMERCIAL LINES
Los Angeles, CA December 21, 2010 Platinum Equity announced today that it has completed the
acquisition of American Commercial Lines Inc. (ACL), one of the largest and most diversified
inland marine transportation and service companies in the United States.
The acquisition was a public-to-private transaction in which Platinum Equity agreed to acquire most
outstanding shares of ACL stock for $33.00 per share. ACL stockholder GVI Holdings, Inc. and
certain of its affiliates are receiving $31.25 per share. The company previously traded on the
NASDAQ Global Select Market under the ticker symbol ACLI.
On October 18, 2010, Platinum Equity signed a definitive agreement to acquire ACL by merger. ACL
shareholders approved the merger transaction on December 14, 2010.
ACL has strong management, a talented workforce and a proud tradition as a leader in marine
transportation and manufacturing, said Louis Samson, principal, Platinum Equity, who led the team
pursuing the ACL acquisition. Mike Ryan and the management team have made a lot of progress in
recent years transforming and positioning the business. We are excited to roll up our sleeves and
provide additional support to the companys efforts.
Platinum Equity has already deployed a transition team to support ACL.
Platinum Equitys extensive resources and operational expertise will enable us to accelerate the
execution of our strategic business initiatives and position us to expand our role as a top
transportation services provider, said Mike Ryan, ACL president and chief executive officer. We
are pleased to begin a new chapter in ACLs history and are excited about the future.
Mr. Ryan, who joined ACL in 2005 and has served as chief executive officer since 2008, will
continue to lead the company under Platinum Equitys ownership.
-more-
Platinum Equity completes acquisition of ACL
Page 2
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Mr. Samson said that in addition to providing operations support, Platinum Equitys M&A team will
continue working closely with ACL as well.
ACL has strong fundamentals and is well positioned for growth, both organically and through
prospective acquisitions, said Mr. Samson. We will work with the management team to identify,
evaluate and pursue attractive opportunities to grow and expand the business.
About Platinum Equity
Platinum Equity is a global M&A&O(R) firm specializing in the merger, acquisition and operation of
companies that provide services and solutions to customers in a broad range of business markets,
including information technology, telecommunications, logistics, metals services, manufacturing and
distribution. Since its founding in 1995 by Tom Gores, Platinum Equity has completed over 100
acquisitions with more than $27.5 billion in aggregate annual revenue at the time of acquisition.
For more information, go to www.platinumequity.com.
About American Commercial Lines Inc.
American Commercial Lines Inc., headquartered in Jeffersonville, Indiana, is an integrated marine
transportation and service company operating in the United States Jones Act trades, with
approximately $850 million in revenues and approximately 2,570 employees as of December 31, 2009.
For more information about American Commercial Lines Inc., visit www.aclines.com.
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