Maritime Partners, through its managed funds, has acquired from J. Russell Flowers and its affiliates (JRF), a diversified portfolio of more than 1,000 marine vessels operating on bareboat charter. JRF’s fleet includes a variety of towboats, tank barges, hopper barges, and deck barges.
With this acquisition, Maritime Partners’ portfolio has grown to approximately 1,600 vessels with an estimated fair market value of $1.2billion, making the firm the largest lessor of marine equipment in the United States.
J. Russell Flowers was founded by Russell Flowers in 1994 and has grown to become one of the nation’s largest independent leasing companies of inland marine barges and towboats. Jill Flowers, chairman and CEO of J. Russell Flowers, said, “We congratulate Maritime Partners on the successful completion of this acquisition and wish Bick and Austin great success. I’m confident that Russell’s legacy and vision for the future will be furthered by this transaction. I also wish to thank our many valued customers who supported us for so many years.”
“We are thrilled to complete the acquisition of the JRF portfolio. With this transaction, we’ll expand and diversify our fleet, enhancing our product offering as a one-stop solution for all marine equipment requirements,” said Bick Brooks, co-founder and CEO of Maritime Partners.
Austin Sperry, co-founder and COO of Maritime Partners, noted “Six years ago we established a vision to become the leading equipment provider to the domestic marine industry. This acquisition represents the culmination of our vision.”