Maersk Inc announces the sale of Direct ChassisLink
Maersk Inc., a subsidiary of the A.P. Moller-Maersk Group, has agreed to sell its subsidiary Maersk Equipment Services Company, Inc. (doing business as Direct ChassisLink Inc) to the private investment firm, Littlejohn & Co.
The transaction is expected to be completed in March of 2012, subject to regulatory approvals and satisfaction of customary closing conditions.
Direct ChassisLink Inc (DCLI) rents and leases chassis to drayage companies and steamship lines in the US. The company owns or leases approximately 66,000 chassis through a network of 129 locations strategically located on or near key ports and other intermodal hubs in the US.
"The A.P. Moller-Maersk Group’s strategy is to build on its strong presence in shipping, energy and related activities. We have been pleased with the business levels, the profitability and the quality of management at DCLI. It is, however, a provider of chassis, and it does not fit in our long-term strategic focus. The sale will allow the Group to reallocate resources to the strategic focus areas within shipping, energy and related activities," stated J. Russell Bruner, Chairman and CEO of Maersk Inc.
Littlejohn & Co. is a Greenwich, Connecticut-based private equity firm focused on investing in middle-market companies that are undergoing a fundamental change in capital structure, strategy, operations or growth.
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