Americas News
60% Stake in Harley Marine Services Up for Sale
Major shareholders of Harley Marine Services (Harley) have put their combined 60 percent stake in the U.S. marine transportation firm up for sale in a deal that could be worth at least $100 million, according to a report by the Wall Street Journal.
Australian investment bank Macquarie Group, who is also running the sales process, and California-based private equity firm Laurel Crown Partners aim to complete the sale by July.
Harley's Chairman and founder, Harley Franco, who owns the remaining 40%, said he intends to keep his stake in the firm which has a reported value of $350 million including debt.
Macquarie and Laurel Crown Partners acquired their stake in the business in 2008.
Harley says it owns a fleet of 36 tugs and 48 barges, and its services include bunker and oil transportation at hubs ranging from Houston and Galveston to Lake Charles and New Orleans.
