Investors advised by JP Morgan Asset Management have acquired US shipping and logistics firm Bold Ocean from private equity firm Nova Infrastructure for an undisclosed sum.
Annapolis, Maryland-based Bold Ocean operates nine vessels that transport goods under long-term charter with the US government.
In 2018, a group of companies in US flag shipping, fleet technical management, and marine personnel were consolidated under one parent company. The Bold Ocean companies include Schuyler Line Navigation Company, Schuyler Services, Schuyler Technical, Chesapeake Crewing and Argent Marine Operations.
The new strategic ownership group will be pursuing growth opportunities to expand the company’s US flag fleet and logistical services, Bold Ocean said, adding that its chief executive, Dion Nicely, will stay at the helm.
“We believe Bold Ocean will benefit from our global maritime platform, bringing scale and growth opportunities, at a time when we expect the US flag market to continue to evolve and grow,” said Andy Dacy, the managing director of the global transportation group at JP Morgan.