AMPORTS sold to AIG affiliate
An affiliate of AIG Global Investment Group (AIGGIG) is purchasing AMPORTS, a provider of port-side automotive processing services in North America.
The announcement comes on the heels of AIG’s purchase of the former U.S. port properties of Dubai Ports World. That group has been renamed Ports America.
A subsidiary of AIG Highstar Holdings will purchase AMPORTS from an a fund managed by Lincolnshire Management Inc., a New York-based private equity firm. Terms were not disclosed.
Based in Jacksonville, Fla., AMPORTS operates terminals in Benicia, Calif.; Baltimore; Brunswick, Ga.; and on both coasts of Mexico.
Jim Davis, AMPORTS chief executive officer, and the existing AMPORTS management team will continue to manage the business.
“We are excited to enhance our presence in this important segment of North American infrastructure,” said Christopher Lee, an AIGGIG managing director and the managing partner of Highstar.
“AMPORTS’s valuable waterfront presence and portside vehicle processing business will complement the core container business of Ports America. We are also very excited about the opportunity to work with Jim Davis and his outstanding management team,” Lee said.
Lincolnshire acquired AMPORTS from Associated British Ports in 2006.
The transaction is subject to customary closing conditions including the receipt of Hart Scott Rodino approval. The parties anticipate the transaction will close during the second quarter.
