NEW YORK, April 26 /PRNewswire/ -- AIG Global Investment Group (AIGGIG) and Lincolnshire Management Inc. (Lincolnshire) today announced that Highstar Harbor Holdings II, Inc., a subsidiary of AIG Highstar Capital (Highstar), entered into a definitive agreement with Lincolnshire Equity Fund III, L.P., a fund managed by Lincolnshire, to purchase AMPORTS, Inc (AMPORTS). Terms were not disclosed.
Headquartered in Jacksonville, Florida, AMPORTS operates ports in Benicia, California, Baltimore, Maryland, Brunswick, Georgia, and on both coasts of Mexico and is the leading provider of port-side automotive processing services in North America. The company owns much of the property from which it operates, giving it a strong competitive position and through its diverse geographic footprint the unique ability to offer its customers a full range of logistical and processing services. AMPORTS CEO Jim Davis and the existing AMPORTS management team will continue to manage the business following its acquisition by Highstar.
The acquisition of AMPORTS follows the recent closing of AIGGIG's purchase of P&O Ports North America from DP World. P&O was subsequently renamed Ports America.
"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. "We believe that both AMPORTS and Ports America are best-in-class businesses, with outstanding growth potential. AMPORTS' 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."
After acquiring AMPORTS from Associated British Ports, Lincolnshire worked with the management team to streamline operations and grow existing customer relationships by capitalizing on AMPORTS' unique location advantage.
"We met Jim Davis long before we acquired AMPORTS, and were quite impressed with his management ability and vision for combining his operation with our existing facilities," said Mike Lyons, a Senior Managing Director at Lincolnshire. "The management team's ability to execute on the integration strategy has produced strong results, and positioned the company for continued growth as a formidable force in the industry," added Mike Forlenza, a Lincolnshire Managing Director.
The transaction is subject to customary closing conditions including the receipt of Hart Scott Rodino approval. The parties currently anticipate the transaction will close during the second quarter of 2007.
Morgan Stanley acted as financial advisor to Lincolnshire. Lehman Brothers acted as financial advisor to Highstar Harbor Holdings II.
Kirkland & Ellis LLP served as legal counsel to Lincolnshire. Morgan, Lewis & Bockius, LLP served as legal counsel to Highstar Harbor Holdings II.
About AIG Highstar Capital
AIG Highstar Capital (Highstar) is a group of private equity professionals sponsored by AIG Global Investment Group that makes equity investments in infrastructure assets and businesses. Since 2000, the Highstar team has led or co-led infrastructure investments totaling in excess of US $10 billion in enterprise value, including investments in power generation, water and waste water, natural gas transmission and storage, waste management, waste-to- energy, transportation logistics and port concessions and operations. Currently, the Highstar team is managing a portfolio of assets valued in excess of US $3 billion.
About AIG Global Investment Group
AIG Global Investment Group (AIGGIG) is a worldwide leader in asset management, with extensive capabilities in equity, fixed income, multi-manager hedge funds, private equity, and real estate. AIGGIG manages more than US $670 billion in assets, and employs over 1,900 professionals in 44 offices around the world as of December 31, 2006. Total assets under management include approximately US $563 billion of AIG affiliated assets. AIGGIG comprises a group of international companies which provide investment advice and market asset management products and services to clients around the world. The member companies of AIGGIG are subsidiaries of American International Group, Inc. .
About Lincolnshire
Lincolnshire Management Inc. (http://www.lincolnshiremgmt.com) is a leading private equity firm focused on generating superior returns for investors by acquiring and growing middle market companies across a wide range of industries. Founded in 1986, Lincolnshire currently has approximately $900 million in capital under management for private equity investments, including $433 million Lincolnshire Equity Fund III. The firm has a large, experienced team of professionals dedicated to sourcing investment opportunities through a broad network of contacts, and consistently identifies more than 90% of the deals it closes on a proprietary basis. Lincolnshire has created significant value through its more than 55 acquisitions, including investments in such leading companies as Bankruptcy Management Solutions, Prince Sports, Riddell Sports, American Coach Lines, Transcraft Corporation and Nursery Supplies Inc. Headquartered in New York, the firm has offices in Atlanta, Boston, Chicago and Los Angeles.