Marine Repair Service – Container Maintenance Corporation (CMC), ITI Intermodal, Inc. (ITI), and Columbia Container Services (Columbia Container) have entered into definitive agreements to combine their respective businesses, which will collectively provide a full range of unmatched dry and reefer equipment M&R, storage, drayage and over-the-road services for intermodal freight in the Midwest, Gulf, Southeast, and Northeast. The closing date is targeted for mid-April following the regulatory review.
Together the new combined entity will be stronger, bigger, and better. This will be a win-win situation for the industry, and specifically for its key customers and relationships, including the global steamship lines, chassis providers, container and generator manufacturers and lessors, port authorities and local governments, the leading railroad companies, its partners at the International Longshoreman’s Association, and, of course, its employees.
The common denominator for each company is a shared heritage of long-term family ownership and management providing best-in-class services measured by quality and reliability. Each business grew from its local market and expanded into adjacent geographies. They also share a keen focus on creating a safe and secure work environment for employees and offering them long-term career opportunities. The founders pride themselves on being reliable partners for all constituencies, and, to that end, each company has made substantial investments in facilities, equipment, technology, and people to deliver unmatched quality services.
Over the past decade, global transportation markets have continued to evolve significantly. Beyond the supply chain issues driven by the global pandemic, markets, manufacturers, transportation and distribution companies, and retailers have created higher levels of interconnectedness and dramatically shortened times to market. This ongoing evolution is increasing the need for a reliable transportation network to which all three companies provide mission-critical repair, maintenance, inspection, and storage services. CMC, ITI, and Columbia Container are proud to have played a consistent role in the support of their customers.
“My father founded CMC over 50 years ago and built the business based on strong partnerships with our customers, partners, and employees,” Vincent Marino said. “We have always sought to deliver best-in-class services in a safe work environment. My father would be proud to see us bringing the band back together.”
It's important to note what will not change. All the founders, each of whom will own significant equity in the new company, are going forward with the business together with an unwavering commitment to their combined family heritage. The new company will be under the leadership of Vincent Marino, Joshua Cooley, and Bruce Fenimore. All three founders will serve on the Board of Directors. Moreover, the merger will not impact local leadership or employees. The successful combination of the operations will position the company to meet the growing needs of its markets and continue to be the preferred place within the industry to work.
“Our objective is to keep supply chains running at optimal performance and mitigate equipment downtime for our customers,” noted Joshua Cooley. “We accomplish this through our commitment to service, the strength and talent of our labor force, and by running best-in-class operations across each location. By joining forces, we will be able to take the company to ever greater heights. In short, we seek to do our job better than yesterday and strive to be the best at what we do.”
“CMC, ITI, and Columbia Container were founded in 1971, 1973, and 1978, respectively, and in the aggregate, have been in business for more than 144 years,” said Bruce Fenimore, founder of Columbia Container. “Our businesses focus on meeting and exceeding employee and customer expectations. Each of us has led the way in our industry, and we look forward to working closely together in the years ahead, building on the legacy of our family-founded and run companies. This is a very exciting opportunity for the company and our employees, customers, and business partners.”