Ultrapetrol, a Bahamas-based industrial marine transportation company, has agreed to sell approximately 78.38 percent of its outstanding common shares to Latin America-focused private equity firm Southern Cross Group for US$220 million. Southern Cross will invest in Ultrapetrol through Sparrow Capital Investments, a subsidiary of Southern Cross Latin America Private Equity Funds III and IV. The investment will allow Ultrapetrol, which primarily operates in Latin America, to continue the implementation of its growth plan and strengthen its balance sheet.