AMO Jobs Secure in Acquisition of Bold Ocean/Schuyler Line Navigation

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NOVA Infrastructure (“NOVA”), a middle-market infrastructure private equity firm, has announced the exit of Bold Holdco, LLC (“Bold Ocean” or the “Company”) to institutional investors advised by J.P. Morgan Global Alternatives’ Global Transportation Group.

Headquartered in Annapolis, MD, Bold Ocean/Schuyler Line Navigation Company is a leading U.S.-flag operator serving the critical transportation and logistics needs of numerous U.S. government agencies. The Company operates nine vessels that transport essential government supplies, fuel, humanitarian food aid, and other goods under long-term time charter with the U.S. government as well as parcel contracts with highly rated counterparties, providing significant revenue stability and downside protection for the business.

“NOVA was a thoughtful and value-added partner to Bold Ocean as we scaled the business rapidly over the past three years. NOVA’s experience working with companies of our size and with our government-contracting focus was valuable as we undertook significant growth initiatives,” commented Dion Nicely, CEO of Bold Ocean and Senior Advisor at NOVA. “Bold Ocean has a great foundation for the future and will continue to meet the needs of the U.S. government with the highest service levels.

“Bold Ocean does not anticipate any major change in the operation of vessels under contract with American Maritime Officers as a result of the company’s acquisition by J.P. Morgan Global Transportation Group, which was completed July 31,” Nicely commented.

AMO represents the officers aboard two vessels operated for Bold Ocean by Argent Marine Operations Inc. – the SLNC York and SLNC Severn.

“NOVA is honored to have supported the Company during its transformative years of growth and we are incredibly proud of the Bold Ocean team for building a market-leading business. Critical to the success of our partnership was the development and execution of a range of strategic initiatives, including strategic contract renewals, improving the fleet by adding newer and higher quality vessels, and entering into new markets, such as humanitarian food-aid,” said Allison Kingsley, Co-Founder and Partner at NOVA. “We are grateful to the Company’s founders for their partnership and commend CEO Dion Nicely and the management team for their stewardship of the business. We look forward to great future outcomes for Bold Ocean.”

NOVA partnered with the founders and management team of Bold Ocean in 2020 with the goal of building the leading maritime transportation and logistics platform in the U.S. Flag. During NOVA’s partnership with Bold Ocean, the Company significantly expanded its operating footprint and market scope and high-graded its leading fleet of vessels.