JDI and JPM GTG have announced the acquisition by JPM GTG of Atlantic Towing’s Offshore Division, a subsidiary of J.D. Irving, to be renamed Sterling Atlantic Offshore. The transaction is subject to Canadian regulatory approval and is expected to close in September 2026. Sterling comprises a fleet of five Offshore Support Vessels. The offshore management team, led by Sheldon Lace, will lead Sterling going forward and provide the local expertise that has been the hallmark of the group’s historical success.
Sheldon Lace, stated: “We are thrilled to have J.P. Morgan GTG’s deep maritime industry experience and transportation-asset focus, supporting the growth of Sterling Atlantic Offshore. Sterling has a great foundation for the future and with J.P. Morgan’s backing, we will continue to meet the needs of our clients, with the highest service levels.”
“We look forward to working with Sheldon and the management team at Sterling in further developing its offshore business and being involved in broader Canadian flag opportunities, as they arise. We are highly confident in the future growth opportunities for Sterling under its local leadership team” says Andrian Dacy, Global Head of Transportation at J.P. Morgan Asset Management.
“After over 25 years, our first-class team has built its reputation in the offshore industry, and we’re proud and appreciative of their dedication and professionalism,” said Jim Irving, CEO of J.D. Irving, Limited. “We know that JPMorgan GTG brings great credibility in the marine industry, and the team will be well positioned into the future.”
(Photo of Atlantic Towing vessel)