Tallvine Partners, an American infrastructure investor, has recently made a major acquisition of the assets of Crosby Enterprises. This deal includes over 150 tugboats, dredgers, and support vessels that are rapidly expanding the company's marine platform in North America.
Details of the Deal and Legal Process
The transaction was conducted through a court-supervised sale related to the Chapter 11 bankruptcy process of Crosby and was approved earlier this month by the U.S. Bankruptcy Court for the Eastern District of Louisiana. The financial terms of the deal have not been disclosed.
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Crosby, based in Galliano, Louisiana, operates throughout the Gulf Coast of the United States and inland waterways. The company provides services including inland and offshore towing, dredging, rock placement, marine construction support, and shipbuilding services. Additionally, the package includes shipbuilding facilities and docks in Houma and Port Fortune.
Market Impacts and Future of Tallvine
Tallvine's affiliate, Breakwater Buyer, entered the bankruptcy sale process in July with a cash bid of $75 million, which included assets such as tugboats, dredgers, airboats, and barges. This bid was set as the floor price for the sale process and should not be interpreted as a final valuation of the assets, which Tallvine has also not disclosed.
This acquisition marks Tallvine's third purchase for North American marine infrastructure in the past year. The Miami-based investor began this platform in September 2022 with the acquisition of Donjon Marine located in New Jersey and then completed it in May of this year with the marine services group Lind Marine based in the San Francisco Bay.
Crosby was founded in 1977 and has become a major operator serving energy companies, industrial groups, government entities, marine contractors, and ports throughout the Gulf and inland river systems. Tallvine has announced that the crew, vessels, yards, and coastal facilities of the company will continue operations without interruption.
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