Seacor Holdings acquires total venture

SEACOR Holdings Inc. of Fort Lauderdale, Fla., and Morgan City, La., has announced it has acquired total ownership of its consolidated SEA-Vista joint venture partnership by acquiring 49 percent interest of a previously owned affiliate of Avista Capital Partners. The buyout consisted of $106M in cash and 1.5M shares of the company’s common stock. Also, SEACOR and Avista entered into a ‘Registration Rights Agreement’ granting shareholders of the common stocks certain demand and piggyback registration rights and a ‘Lock-Up Agreement’ containing restrictions on the ability of SEACOR to dispose of those stocks for certain periods of time and imposing certain standstill obligations on Avista. Additional information will be filed on or before Aug. 8. SEA-Vista operates a fleet of U.S.-flag product tankers servicing the U.S. coastwise trade of crude oil, petroleum and chemical products. SEACOR and its subsidiaries are in the business of owning, operating, investing in and marketing equipment, primarily in the offshore oil and gas, shipping and logistics industries. Avista is a private equity firm specializing in investments primarily in growth oriented energy, healthcare, communications and media, industrial and consumer companies. (Source: Marine Link 08/05/19)