J.P. Morgan acquires US shipping company Bold Ocean

NOVA Infrastructure, a middle-market infrastructure private equity firm, has announced the exit of Bold Holdco (Bold Ocean) to institutional investors advised by J.P. Morgan Global Alternatives’ Global Transportation Group. The financial terms of the transaction were not disclosed.

Headquartered in Annapolis, Maryland, Bold Ocean/Schuyler Line Navigation Company is a US Flag operator serving the critical transportation and logistics needs of numerous US government agencies.

The company operates nine vessels that transport essential government supplies, fuel, humanitarian food aid, and other goods under a long-term time charter with the US government as well as parcel contracts with highly rated counterparties, providing significant revenue stability and downside protection for the business.

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