American Industrial Partners (AIP) has agreed to sell a minority stake in marine transportation company Rand Logistics to funds managed by Oaktree Capital Management. Financial details were not disclosed.
Headquartered in Williamsville, N.Y., Rand is the leading marine infrastructure provider on the Great Lakes, operating in both the United States and Canada. Rand operates 24 vessels between key destinations across the Great Lakes and St. Lawrence Seaway and delivers more than 45 million tons of bulk cargoes annually among industrial customers in a region that accounts for over a quarter of U.S. GDP.
“As part of our mandate to invest in highly defensible, essential transportation infrastructure businesses across the United States, we specifically identified Rand as the optimal Jones Act business for our portfolio,” said Emmett McCann, managing director and co-portfolio manager of Oaktree’s transportation infrastructure investing strategy. “With connectivity to
