CV International subsidiary acquires Ga. shipping company

Norfolk-based CV International Inc. subsidiary Capes Shipping Agencies announced Wednesday that it had acquired Savannah, Georgia-based Ryan Ship Services LLC.

Financial terms of the transaction were not disclosed.

“This merger will be a great fit for both of our companies, and the timing was perfect,” CVI President and CEO Mike Coleman said in a statement. “We have had a close working relationship with Ryan over the years and we share many of the same clients. … This will extend our own agency coverage further south.”

Ryan Ship Services is an independent shipping agency and freight forwarder. Drew Ryan founded Ryan Ship Services in 1999. Gene Meredith later joined Ryan as a partner. They will manage all operations in a new Capes branch office in Savannah. Capes will expand the Savannah team to support agency operations, documentation and customs brokerage services.

Ryan said in a statement, “This was exactly what we needed, and the timing was great. We have seen a lot of growth in our business over the last couple of years, and Capes is going to provide the scale we need to keep up.”

Founded in 1958, Capes Shipping Agencies provides vessel agency and cargo forwarding services in the U.S. The company offers port agency solutions along the East and Gulf coasts.