Stevenson completes the sale of Garvey Marine
Result: Business Sold to Strategic Buyer
Industry: Services – Marine Transportation and Logistics
Stevenson & Company completed the sale of Garvey Marine, headquartered in Lemont, Illinois, to American River Transport Company (ARTCO) a subsidiary of Fortune 50 giant Archer Daniels Midland (ADM).
Garvey Marine provides barge movement and storage services along 151 miles of Illinois River waterways leading into Chicago and Lake Michigan. The company was formed in 1988 and has grown through a series of acquisitions. With outstanding operations and management teams, a first-class fleet of vessels operating from six harbors, Garvey serves its customers with dedicated coal, aggregate, sand and other commodity towing services. It also offers marine construction services.
Stevenson & Company was retained as exclusive sale advisor to Garvey Marine to identify, evaluate and market the business to both strategic and financial buyers. ARTCO is a national leader in marine transportation logistics. It operates 2,100 barges, 75 towboats and 29 line boats and is part of ADM Logistics. The acquisition of Garvey Marine was an opportunity for ARTCO to gain access into Chicago via the Lemont Harbor, further increasing its dominance as a river transportation leader for both dry bulk commodities and liquids.
Bob White, owner of Garvey Marine commented: “The decision was easy, if Stevenson could sell me the way they did, then they were going to get the best price for my company”
As a result of the successful sale, Stevenson & Company was retained to assist in the sale of three additional White International companies.
Stevenson served as an excellent trusted advisor throughout. They provided me with precisely what I needed – an aggressive go-to-market approach, the guidance to present Aerostar’s story and future strategy, and the drive to get it successfully closed! And this is what retirement looks like!