posted July 9, 2008
FourBridges Capital Advisors announced the sale of the towing and fleeting operations and certain other assets of Missouri Dry Dock and Repair Company, Missouri Barge Line and Cape Girardeau Fleeting to AEP River Operations. AEP River Operations is a St. Louis-based affiliate of American Electric Power, one of the nation’s largest utilities.
FourBridges Capital acted as the exclusive advisor to Missouri Dry Dock and Repair Company, Missouri Barge Line and Cape Girardeau Fleeting. The transaction was led by Managing Director Andy Stockett and Director Chris Rowe.
“The owners, Rob Erlbacher and Ann Erlbacher Dombrowski, contacted us last summer, following our successful representation of Waxler Transportation in its sale to SCF Marine, a subsidiary of Seacor Holdings,” said Andy Stockett. “After reviewing their personal objectives, we reconstructed the financial statements to show the value of the assets in the hands of a larger entity. We then conducted a process focused on maximizing value for the owners and providing current employees with attractive growth opportunities. The transaction was structured to meet those objectives while also allowing Rob to continue running the propeller repair, machine shop and inland river boat and barge repair operations of Missouri Dry Dock and Repair Company.”
“We enjoyed working with Rob and Ann and representing an entity that has been operating on the Mississippi River for over 80 years,” stated Chris Rowe. “Market conditions are favorable for owners seeking liquidity and for estate or succession planning purposes. Our process involved working with private equity groups as well as many of the largest inland marine operators in the country. In the end, AEP River
Operations was the best fit.”
Rob Erlbacher, president of the Erlbacher organization, said, “I’ve been in the business for 38 years and this is the right opportunity for our company, our employees and our family. Our employees will have the chance to join a strong business at AEP River Operations, with their Cape Girardeau team of more than 425 mariners and shore-side people.”
FourBridges Capital, a middle market investment banking firm based in Chattanooga, represents business owners in selling their companies or accessing capital for growth.
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