Missouri Dry Dock & Repair Company Sells Dry Dock Operations to McNational Inc.
FourBridges is pleased to announce that Missouri Dry Dock & Repair Company Inc. of Cape Girardeau, Mo., has sold its floating assets to McNational Inc. of South Point, Ohio. FourBridges advised the owner of Missouri Dry Dock & Repair and negotiated the transaction.
Founded in the early 1950s, Missouri Dry Dock & Repair Company is a second-generation family business, owned and operated by president Rob Erlbacher. He previously engaged FourBridges in 2008 when his towing and fleeting operations were sold to AEP River Operations, a subsidiary of American Electric Power (NYSE: AEP).
McNational is a fourth-generation family business. In addition to its shipyards in West Virginia, Ohio, Kentucky, Illinois, and Louisiana, McNational operates towboats and provides midstream fueling services.
In mid-2019, Erlbacher made a strategic decision to sell his dry dock operations and focus on his propeller repair and fabrication business. He knew he needed an advisor to get the best value for his company — and to get the deal over the finish line.
“There was no doubt in my mind that McNational was the right buyer: Bruce respected our history as a family business, and we shared the same values and company cultures,” said Erlbacher. “I’ve been through a sell-side process once before, and I knew that I needed an experienced advisor to protect my interests. FourBridges did a great job on the 2008 transaction, so it was an easy decision to call them again.”
FourBridges guided Erlbacher through the selling process and negotiated the structure and terms of the deal. Jay Campbell of Adams and Reese LLP provided legal counsel to Erlbacher.
“A lot of the deals we handle are once-in-a-lifetime transactions for our clients, so we really enjoyed the opportunity to work with Rob a second time,” said Andy Stockett, a managing director with FourBridges. “McNational was clearly a perfect fit for Missouri Dry Dock, and it was a great outcome for everyone involved.”