Acquisition of Atlantic Towing’s Offshore Division, a subsidiary of J.D. Irving, Limited (JDI), by institutional investors advised by the Global Transportation Group of J.P. Morgan Asset Management (JPM GTG)
The following was released by the Global Transportation Group of J.P. Morgan Asset Management on July 22, 2026 at 1 p.m.
JDI and JPM GTG are pleased to announce the acquisition by JPM GTG of Atlantic Towing’s Offshore Division, to be renamed Sterling Atlantic Offshore (“Sterling”). 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.”
About Sterling Atlantic Offshore
Headquartered in St. John's, Newfoundland, Sterling Atlantic Offshore is a leading offshore operator, serving offshore requirements in Canadian waters and beyond. The Company operates four Platform Supply Vessels and one Anchor Handling Tug Supply vessel, all on long-term contract.
About J.P. Morgan Global Alternatives
J.P. Morgan Global Alternatives is the alternative investment arm of J.P. Morgan Asset Management. With more than 50 years as an alternatives investment manager, US$284 billion in assets under management and more than 700 professionals (as of December 31, 2025), J.P. Morgan offers strategies across the alternative investment spectrum including real estate, private equity, private credit, hedge funds, infrastructure, transportation, timber and liquid alternatives. Operating from offices throughout the Americas, Europe and Asia Pacific, our independent alternative investment engines combine specialist knowledge and singular focus with the global reach, extensive resources and powerful infrastructure of J.P. Morgan to help meet each client's specific objectives. For more information, visit jpmorgan.com/am
About J.P. Morgan Global Transportation Group
The J.P. Morgan Global Transportation Group has been investing in the transportation industry since 2010 and actively manages over $14bn in transportation assets in the maritime, energy logistic, intermodal, rail and aircraft segments. The Group is comprised of more than 27 professionals, with the majority of the team having spent their careers in the transportation industry. The team takes a long-term approach to investing, developing platforms alongside management teams to build significant scale and market presence.
About J.D. Irving, Limited
Founded in 1882, J.D. Irving, Limited (JDI) is a diversified company with operations across Canada and the United States. Its businesses span Agriculture, Construction & Equipment, Consumer Products, Food, Forestry & Forest Products, Retail & Distribution, Shipbuilding & Industrial Fabrication, and Transportation & Logistics