ICS buys Coastal Maritime terminal operation
ICS Logistics has entered a deal to purchase Coastal Maritime’s terminal operation and stevedoring businesses.
Both companies are based in Jacksonville, Fla.
Coastal Maritime started operations in 1992 and operates more than 110 acres of marine terminal property on the Port of Jacksonville’s Blount Island Marine Terminal. The company handles a variety of cargoes, including containers, heavy lift, project, roll-on/roll-off and military items, and employs 230 full and part-time staff.
ICS provides stevedoring, transportation and warehousing services for perishable and dry cargo, as well as commodity markets.
“I see tremendous opportunity for growth with the combined companies,” said Capt. Magnus Lindebeck, president of Coastal Maritime, in a statement. “We see these opportunities as positive for both our customers and our current labor force.”
ICS will retain the Coastal Maritime name and the founders Lindebeck and Kathy Wiley will remain involved with management of the business for at least two years.
The transaction is subject to customary closing conditions including the receipt of certain government approvals. Both parties expect the deal to close in the first quarter.