Pasha Group on Friday announced it has completed its acquisition of the Hawaii trade-lane business of Horizon Lines Inc.
Also Friday, Matson Inc. said acquired Horizon Lines Inc., which includes Horizon’s Alaska operations and the assumption of all non-Hawaii business liabilities.
Pasha Hawaii will assume operations for all of Horizon’s Hawaii business, including its four U.S.-flag container ships serving the Hawaii trade lane. The company also acquired in the $141.5 million transaction Horizon subsidiaries Hawaii Stevedores Inc.; the California-based operations of Sea-Logix, LLC, which provides trucking services; and Sunrise Operations, a subsidiary that includes Horizon’s Hawaii trade-lane vessels and employees.
Horizon’s Hawaii business will operate alongside Pasha Hawaii’s existing operations, which include Pasha’s two Jones Act-qualified vessels, the M/V Jean Anne and the new M/V Marjorie C¸ which entered service on May 7. By expanding its operations with Horizon’s Hawaii fleet, Pasha says it will be able to provide customers more shipping and logistics services for dry and refrigerated containers and a variety of roll-on/roll-off cargoes.
Pasha Hawaii’s technical services team will oversee operations for its entire fleet, with Jacksonville, Fla.-based Crowley Maritime Corporation providing ship management of the new Horizon vessels and crew through Crowley subsidiary Marine Transport Management Inc. Pasha has engaged Norton Lilly to provide certain liner agency services, both in Hawaii and the mainland. The company will continue its long-time partnership with Young Brothers to maintain connecting-carrier service to the Neighbor Islands.
Matson said it acquired Horizon’s Alaska and non-Hawaii business liabilities for $69 million, and repaid Horizon’s outstanding debt, for a total transaction value of $469 million.
Matson reports it will continue Horizon’s operations in Alaska with a three-vessel deployment of diesel-powered Jones Act-qualified container ships that provide two weekly sailings from Tacoma to Anchorage and Kodiak, and a weekly sailing to Dutch Harbor. In addition, Matson will be operating port terminals in Anchorage, Kodiak and Dutch Harbor and acquiring several reserve steam powered Jones Act container ships that may be used for dry-dock relief.