American Industrial Partners (AIP) is to acquire bulk freight shipping services provider Rand Logistics in a deal that will allow Rand to clear US$90 million of debt and reduce its annual interest costs.

Rand Logistics offers bulk freight shipping services across the US's Great Lakes region, which covers the areas of Illinois, Indiana, Michigan, Minnesota, New York, Ohio, Pennsylvania and Wisconsin using a fleet of three conventional bulk carriers and twelve self-unloading bulk carriers, including three tug/barge units.

 

AIP's Jason Perri said: “Rand’s track record of reliability, safety and service in moving critical raw materials among world class customers between ports on the Great Lakes speaks for itself.”