Ingram Barge Co. LLC announced today that its wholly-owned subsidiary, Houston Fleeting Services LLC, has agreed to purchase the business assets of Houston-based Cheryl K LLC and San Jacinto River Fleet LLC.
Ingram said the move is designed to strengthen the Nashville, Tenn.-based company's position in the inland marine industry by expanding its reach and capabilities to the Houston area and along the Texas Gulf Coast.
Cheryl K and San Jacinto River Fleet have long been significant players in the Houston market. The purchase of the companies allows Ingram Barge to expand its footprint into the Houston area while simultaneously growing its logistics, dry barge and liquid barge businesses by adding critical infrastructure, vessels and personnel.
“Cheryl K and its San Jacinto River Fleet have long been trusted players in Houston. Their track record of success alongside similar family values of our two companies make them a great addition to our team,” Ingram Barge president and CEO David O’Loughlin said in a statement announcing the acquisitions. “This acquisition positions us very well for continued strength and growth for the long-term.”
“The words family and team say it all. The Cheryl K LLC and San Jacinto River Fleet employees have been a tight knit team and are looking forward to becoming part of the Ingram family. This will be a great fit for our group and team to progress to the next level.” said Earl Thrift Jr., president of Cheryl K and San Jacinto River Fleet.
Ingram plans to operate the assets in Houston by integrating personnel and operations into the larger Ingram Barge business.
“This is a great strategic move for our company and our customers,” said John Roberts, Ingram Barge COO. “The capabilities this opens up for us will really allow us to control our future in a meaningful way for our existing and future customers.”
The transaction is expected to close by the end of November. No additional information about the purchase was made available.