Tropical Shipping acquiring Caribtrans
Container carrier Tropical Shipping has signed a definitive agreement to acquire the assets of Miami-based non-vessel-operating common carrier Caribtrans Inc. Terms of the agreement were not announced.
Caribtrans has served the Caribbean since 1985 and is a leading provider of less-than-containerload and full-containerload consolidation services from the United States to the Caribbean and Central America.
Caribtrans’ management team and headquarters will continue to be located in Miami and Manny Sola will continue as president of Caribtrans. The company will remain a separate brand entity and operate through its own existing network of agents and offices.
“While the acquisition is relatively small in relation to our total volumes, adding about 4 percent to expected revenue growth, this is an exceptional strategic fit for us that increases our less-than-containerload business into markets that are important to our long-term success,” said Rick Murrell, chairman and president of Tropical Shipping, which specializes in cargo movements between the United States and Canada and ports in the Bahamas and Caribbean. Tropical’s headquarters are in Riviera Beach at the Port of Palm Beach.
“We have long admired Caribtrans and their reputation for excellent customer relations, satisfaction and retention,” he said.
Tropical is a subsidiary of Naperville, Ill.-based natural gas utility NICOR and operates a fleet of 11 owned and eight chartered vessels with carrying capacity of about 5,900 TEUs.
In 2007, Tropical shipped about 206,600 TEU and had operating income of $45.4 million on operating revenue of $403.9 million.
Tropical Shipping acquiring Caribtrans
