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Rail News: Intermodal

The Carlyle Group sells Horizon Lines 15 months after acquiring firm from CSX

The Carlyle Group recently agreed to sell container shipping company Horizon Lines to Castle Harlan for $650 million. Carlyle had acquired Horizon Lines — formerly known as CSX Lines — from CSX Corp. in February 2003.

Horizon Lines provides ocean transportation and logistics services from the U.S. mainland to Alaska, Hawaii/Guam and Puerto Rico, and operates a fleet of 16 vessels.

"Carlyle has served as an excellent financial partner in establishing Horizon Lines as an independent company," said Horizon Lines Chairman and Chief Executive Officer Charles Raymond in a prepared statement. "We look forward to working with Castle Harlan as we continue to build our company and capabilities."

Goldman, Sachs & Co., and Latham & Watkins L.L.P. served as transaction consultants.

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More News from 5/25/2004