Matthew Godden
Harley Marine Services Announces Change to Parent Company Structure
Seattle, WA – Harley Marine Services (“HMS”) today announced changes to the company’s parent and holding company structure. On Thursday, June 27, 2019 Alimpik Tug & Barge HoldCo 1, LLC (“Alimpik”) purchased the full equity of HMS, a change that had been anticipated and disclosed in the 2018 financial statements. Alimpik is owned by individual U.S. citizens, Macquarie Capital, and ArcLight Capital Partners. The change in ownership represents a firm and continued commitment by key HMS stakeholders to its long-term growth, market strategy and unparalleled focus on safe operations, environmental stewardship and incorporation of leading-edge marine technologies all in compliance with the Jones Act.
The management team of the company will continue to serve in their current leadership roles and HMS does not anticipate any changes to customers, operations, vessel fleet composition or employees as a result of the new structure.
Matt Godden, HMS President and CEO, stated, “This is an important development for our business and we are grateful to our many stakeholders who have shown impressive resolve at a trying time for the company. The fact that this ownership group, which includes two of the most widely renowned global financial institutions, has taken this further step is an endorsement of our strategy and a long-term commitment to our company. We are humbled by this show of trust in our management team and are dedicated to meeting the high expectations of our customers and owners.”
Godden added, “We only succeed in servicing our customers when we maintain our commitment to safe operations. This commitment aligns with our focus on sustained improvement in our financial performance and a continued interest in investing in the development of our employees. We enter the second half of the year with a strong balance sheet, an improved earnings trajectory and a management team dedicated to improving efficiency and cash flow accretive capital commitments. This progress is a window into an exciting new era for HMS.”
Harley Marine Services is a leading provider of marine transportation services in the United States, with operations along the West Coast (including Alaska), New York Harbor and the U.S. Gulf Coast. Services provided include the transportation and storage of petroleum products, ship assist and escort, the transportation of general cargo and rescue towing. Harley Marine is dedicated to providing excellent customer service and maintaining our obligations to employees, shareholders, our community and the environment.
Alimpik is, by law, a US citizen and the holding company structure is Jones Act compliant.