International Seaways to join Dakota Tankers of concord maritime - Feb. 20, 2020
Concord Maritime is pleased to announce that International Seaways is joining the Dakota Tankers Aframax Pool with three Aframaxes in the coming days. This includes the M/T Seaways Redwood (112,792-dwt built-2013), the M/T Seaways Yellowstone (112,989-dwt built-2009), and the M/T Seaways Yosemite (112,905-dwt built-2009). The NYSE-listed, New York-headquartered owner, will participate in the Pool alongside Atlas Maritime, Chartworld Maritime Management Corporation, Emarat Maritime, and Concord affiliate TankerTime. The Dakota fleet size will increase to 14 vessels with the addition of the Seaways Aframaxes.
From its offices in Connecticut and England, Concord Maritime commercially manages a fleet of Aframaxes trading internationally with a focus on the US Gulf, Mexico, Caribbean and transatlantic trade routes. Concord’s commercial management platform offers its participants direct and efficient access to the tanker markets through a simple, straight forward and transparent pooling structure. International Seaways owns and operates a fleet of 40 vessels, including 13 VLCCs, two Suezmaxes, four Aframaxes/LR2s, 11 Panamaxes/LR1s and 7 MR Tankers. Through joint venture partnerships, the Company has ownership interests in two floating storage and offloading service vessels. Its Houston-based subsidiary, Lightering LLC, provides both full and support services for ship-to-ship transfer operations, and other maritime logistics requirements, for its clients in the US Gulf of Mexico, US Atlantic Coast, US West Coast, and throughout Panama and Bahamas.
AWC Portfolio company Concord Maritime buys first vessel in Arcadia deal - Dec. 13, 2019
Tradewinds by Joe Brady
Ben Ognibene-led commercial management and pooling outfit will employ Samsung-built aframax in Dakota Tankers pool.Connecticut-based commercial manager Concord Maritime has bought its first vessel, taking Arcadia Maritime’s 115,900-dwt Aegean Blue (built 2007).
Concord chief executive Ben Ognibene confirmed the purchase today in response to a query from TradeWinds, adding that his Stamford-based outfit has taken delivery and renamed the aframax tanker Dakota Strength. Ognibene declined to disclose the purchase price, which has been reported in the market at $22m. The tanker is worth $25.53m in the estimation of VesselsValue.
The former Arcadia tanker is expected to trade in Concord’s Dakota Tankers aframax/LR2 pool, which was established in August 2018 and currently numbers 10 units. The members are Concord, Atlas Maritime and Chartworld of Geece, and Emarat Maritime of the UAE.
Owning a tanker gives Concord “more control and optionality on the residual value,” Ognibene said. “We like the earnings profile of this age and type of tonnage and the overall aframax fleet profile over the next few years.” The shallow-draft Samsung-built unit is perfectly designed for US Gulf crude exports, he added. “The vessel has been meticulously maintained and operated at a very high standard since delivery from the yard,” Ognibene said.
AWC portfolio company Medway Air Ambulance acquires Critical Care MedFlight - OCT. 24, 2019
LAWRENCEVILLE, Ga., Oct. 24, 2019 /PRNewswire-PRWeb/ -- Air ambulance operator Medway Air Ambulance has acquired Critical Care MedFlight (CCM), further enhancing its position as a global leader in fixed wing air ambulance service. The combined organization will operate out of Medway's corporate offices in Lawrenceville, Georgia, and operate fully staffed operational bases at the Gwinnett County Airport in Lawrenceville, Ga. (LZU) and Witham Field in Stuart, Fla. (SUA).
"I am excited about the strength of our organization and the full complement of talent the CCM team brings to the combined organization," says Graham Cherrington president and chief executive officer of Medway. "The combination of Medway, CCM, and JetWay allows us to expand our geographic reach and serve more patients on a global basis." The brands in aggregate provide more than 1,800 transports annually, serving industry leading commercial insurance companies, hospital systems, travel assistance and repatriation companies, and governmental agencies.
"Medway shares CCM's commitment to operational excellence delivering the highest quality clinical care to our patients, says Matt Kinney, chief operating officer of CCM. "Together, we are better able to serve our mutual clients – both domestically and internationally." Kinney will continue as the chief operating officer of CCM and will become the combined organization's vice president of flight operations.
About Medway Since 1987, Medway Air Ambulance has provided over 14,000 medical transports to patients with complex medical conditions using their state-of-the-art logistics systems featuring enhanced flight tracking capabilities and an integrated medical record which provide for the seamless transfer of patients. The Company has earned accreditations from EURAMI and ARGUS International. Medway works with commercial insurance companies, travel assistance companies, and healthcare systems. For more information about Medway Air Ambulance, visit https://www.medwayair.com.
About Critical Care MedFlight Critical Care MedFlight was founded in 1985 in response to a need for high-quality and efficient air medical transportation of sick and injured patients. We work directly with patients, family members, social workers, case managers, and healthcare organizations to ensure that we maintain a "patient-first" approach to care, providing high quality care and safety from bedside to bedside. Our staff of Pilots, Mechanics, Dispatchers, Registered Nurses, Paramedics, Respiratory Therapists, and Physicians are on call 24 hours a day. Learn more at https://www.ccmedflight.com.
AWC Announces formation of concord maritime - Apr. 18, 2018
American Working Capital and Ben Ognibene are pleased to announce the formation of Concord Maritime LLC, an independent company specializing in the commercial management of third party crude tankers. In addition to providing commercial management services, the Company has been well capitalized to engage in significant time charter activity, projects and alternative working capital arrangements for tanker owners in conjunction with its commercial platform. Market consolidation and working capital solutions remain a priority for tanker owners facing a historically depressed freight environment. “We are excited to partner with Ben. His proven leadership abilities and experience building world class commercial management platforms, combined with AWC’s financing expertise and capability, uniquely positions Concord Maritime to offer competitive advantages to both existing and new participants in today’s challenging but dynamic marketplace” said Bryce May, managing partner of AWC. Ben commented, “I am looking forward to working with the AWC team. We share a clear understanding, mutual appreciation, and the common goal of delivering superior commercial performance and crucial operational and financial transparency to our partners. We value the reciprocal hard work, patience and determination that is required in developing long-term relationships.” Ben Ognibene is the former Chief Executive Officer, President and Board member of Heidmar Inc. During his 13 years at Heidmar, he was directly responsible for the development and growth of its Aframax/LR2 and Suezmax pools, and later oversaw the creation of the VLCC pool as MD of Pools and Projects. Before being appointed CEO, he held the positions of Chief Operating Officer and Commercial Director. When he resigned from Heidmar, third party pool participation had grown to 100 vessels. The company will commence operations in May 2018 from offices in Connecticut. About American Working Capital: AWC provides equity and structured equity capital to address ownership transition and growth capital needs in privately-held companies. AWC invests capital and manages portfolio companies as an independent sponsor and provides investment banking and strategic advisory services through its affiliate AWC Advisors LLC. AWC is active across a range of industries with a particular focus on transportation/logistics, distribution and business services.
AWC ANNOUNCES LAUNCH OF OT1 INVESTCO, LLC PRIVATE EQUITY CO-INVESTMENT FUND - MAY 14, 2018
American Working Capital, LLC (“AWC”) is pleased to announce the launch of OT 1 Investco, LLC (the “Fund”), targeted to change of control and growth capital investments in the lower middle market of USA based corporations. The Fund will focus on providing mezzanine debt and equity to companies with a minimum of USD $30 million in revenue and USD $5 million in EBIDTA operating primarily in specialty manufacturing, transportation and logistics, business services, distribution, healthcare and consumer focused markets.
OT 1 Investco, LLC is a co-investment platform formed by Air Tractor, Inc. of Olney, Texas and AWC. Founded in 1972, Air Tractor, Inc. is a leading manufacturer of purpose-built aircraft for agricultural, firefighting, and other utility applications. Since 2008, Air Tractor, Inc. has featured an employee stock ownership plan (“ESOP”) benefiting approximately 300 employee-owners. OT 1 Investco, LLC will make use of both ESOP and non-ESOP investment structures.
Since 2008, and with predecessor organizations dating back to 1981, the American Working Capital, LLC team has served as an advisor and capital provider to the closely-held company market with a focus on select industries and also a specialty advising on the introduction of Employee Stock Ownership Plans (ESOPs) as a tax advantaged ownership transition tool. The members of the investment team average more than 18 years working together. Headquartered in Chicago, IL, AWC also operates with offices in New York and Boston.
AWC founder Richard “Dick” May commented, “OT 1 Investco represents an exciting path forward for a mature, successful ESOP company seeking competitive investment returns in order to benefit its ESOP shareholders. Air Tractor has executed with confidence and competence for over forty years in a demanding marketplace. We are eager to help them deploy capital in a thoughtful manner that supports their mission, and we are proud that they have entrusted their capital to us.”
John Kober, a Partner at the law firm Morgan, Lewis & Bockius was instrumental in helping to launch OT 1 Investco., LLC. He commented that “the success of the management and employees of Air Tractor have created an investment platform and a model for others to follow. In selecting American Working Capital to serve as their capital deployment partners, Air Tractor has chosen a veteran and expert team to guide the process.” For further information about OT 1 Investco, LLC, contact email@example.com or call 312-244-6960