Three companies in the maintenance and repair (M&R) and storage sectors for shipping containers will merge together, saying the combination will strengthen their market position and offer stronger services throughout the Midwest, Gulf, Southeast, and Northeast regions.
The three firms that agreed to merge are: Marine Repair Service – Container Maintenance Corp. (CMC) of Charlestown, South Carolina; ITI Intermodal Inc. (ITI) of Wilmington, Illinois; and Columbia Container Services of Liberty Corner, New Jersey. Terms of the deal were not disclosed, but the partners say the closing date is targeted for mid-April following regulatory review.
The founders of all three firms will own “significant equity” in the new company, and will go forward with the business together. The new company will be under the leadership of the firms' three current leaders; Vincent Marino, Joshua Cooley, and Bruce Fenimore.
Collectively, they will provide a range of dry and reefer equipment M&R, storage, drayage, and over-the-road services for intermodal freight. Their customers and partners include global steamship lines, chassis providers, container and generator manufacturers and lessors, port authorities and local governments, railroad companies, and workers with the International Longshoreman’s Association.
The move comes as global transportation markets have evolved significantly over the past decade, the partners said. Specifically, manufacturers, transportation and distribution companies, and retailers have created higher levels of interconnectedness and dramatically shortened times to market in recent years. Those changes have increased the need for a reliable transportation network to which all three companies provide repair, maintenance, inspection, and storage services, they said.
“Our objective is to keep supply chains running at optimal performance and mitigate equipment downtime for our customers,” ITI founder Joshua Cooley said in a release. “We accomplish this through our commitment to service, the strength and talent of our labor force and by running best-in-class operations across each location. By joining forces, we will be able to take the company to ever greater heights. In short, we seek to do our job better than yesterday and strive to be the best at what we do.”