Tropical Shipping to acquire assets of Caribtrans

Nicor, a provider of natural gas transportation services, has reported that its subsidiary, Tropical Shipping, has signed a definitive agreement to acquire the assets of Miami-based shipping company Caribtrans.  

Caribtrans' management team and headquarters will continue to be located in Miami and the company will remain a separate brand entity. Caribtrans will also continue to operate through its own existing network of agents and offices throughout the Caribbean and central America.

Rick Murrell, chairman and president of Tropical Shipping, said: While the acquisition is relatively small in relation to our total volumes, adding about 4% to expected revenue growth, this is an exceptional strategic fit for us that increase our less-than-container-load business into markets that are important to our long-term success.

Source: logistics-business-review