Miami-based infrastructure investor Tallvine Partners has closed on the purchase of substantially all assets of bankrupt Crosby Enterprises Inc. and certain of its affiliates, the firm said Tuesday, putting one of the Gulf Coast's largest towing and dredging fleets under new ownership after the company's Chapter 11 filing.
The deal covers a fleet of more than 150 tugboats, dredges, and support vessels operated from Galliano, La., along with shipyard and berth facilities in Houma and Port Fourchon. Crosby's work includes offshore and inland towing, dredging, rock placement, marine construction support, and shipyard services for energy operators, industrial customers, government agencies, marine contractors, and ports and terminals.
The transaction closed following a sale process tied to Crosby's Chapter 11 proceedings and was approved by the U.S. Bankruptcy Court for the Eastern District of Louisiana on Sept. 3. Tallvine did not disclose the purchase price.
Crosby Marine Transportation LLC, Crosby Tugs LLC, Crosby Dredging LLC, and Bertucci Contracting Co. LLC filed for Chapter 11 protection on March 23 in New Orleans, listing assets and liabilities each between $100 million and $500 million. Court filings attributed the filing to a liquidity squeeze after merchant cash advance lenders redirected customer payments. The debtors obtained a $60 million debtor-in-possession loan from JMB Capital Partners Lending LLC. In July, an affiliate of Tallvine, Breakwater Buyer LLC, was named stalking-horse bidder with a $75 million cash offer for the tugs, dredges, airboats, crewboats, and barges, Bloomberg Law reported. A separate stalking-horse bid of $70 million from JMB covered a stake in the heavy marine construction business held through Bertucci. Parent company Crosby Enterprises was not itself a debtor.
Tallvine said crews, vessels, shipyards, and shore facilities will continue serving customers without interruption. Crosby's website has listed roughly 850 employees and about 300 customers. Tallvine did not say how many employees are being retained.
"Crosby is a strong addition to our North American marine infrastructure platform, bringing a leading presence in one of the country's most active maritime markets," said Thomas Lefebvre, partner and CEO of Tallvine. "For nearly 50 years, Crosby has built an outstanding reputation for delivering critical marine services across the U.S. Gulf Coast and inland waterways. We are committed to investing in its people, fleet and infrastructure while preserving the operational excellence that has made Crosby a trusted partner to customers throughout the region."
Crosby was founded in 1977 by Vinton Crosby and his son, Kurt Crosby, beginning with a single vessel.
The purchase is the third under Tallvine's North America marine infrastructure platform, after its September 2025 acquisition of Donjon Marine Co. LLC and its May 2026 acquisition of Lind Marine LLC. Donjon Marine, of Hillside, N.J., is known for salvage, dredging, and marine construction on the East Coast. Lind Marine operates tugs, barges, and sand-mining assets in San Francisco Bay. Denver-based Thoroughbred Investment Partners remains the platform's industrial partner.
"This acquisition marks an important next chapter for Crosby and further expands our platform's capabilities across towing, dredging and other marine infrastructure services," said Victor Sosa, a partner at Tallvine. "Together, we see opportunities to share expertise, enhance capabilities across the platform and better serve customers throughout the Gulf Coast."
Tallvine also said Mike Ellis is joining the platform as an operating advisor. Ellis previously served as CEO of American Commercial Barge Line from 2020 to 2024 and previously held leadership roles at Savage Services, Settoon Towing, and Bollinger Shipyards.
