Private equity firm pays $1.2 billion to acquire Canadian marine transportation provider Logistec

The Canadian marine transportation provider Logistec Corp. today said it will be acquired by a private equity firm for $1.2 billion in a deal that will provide it with $200 million in capital expenditures and growth initiatives while maintaining its headquarters in Québec.

Specifically, Logistec agreed to be purchased by 1443373 B.C. Unlimited Liability Company, an entity owned by certain funds managed by Blue Wolf Capital Partners LLC in partnership with Stonepeak, an alternative investment firm specializing in infrastructure and real assets.

"Blue Wolf is excited to enter the Québec market with this acquisition, which represents excellent prospects for continued growth for both of the Corporation's business segments and throughout North America," Bennet Grill, Principal at Blue Wolf, said in a release.

A public company trading on the Toronto Stock Exchange since 1969, Logistec provides specialized services to the marine community and industrial companies in the areas of bulk, break-bulk, and container cargo handling in 60 ports and 90 terminals located in North America. It also offers marine transportation services geared primarily to the Arctic coastal trade as well as marine agency services to shipowners and operators serving the Canadian market. The company also operates in the environmental industry where it provides services to industrial, municipal, and other governmental customers for the renewal of underground water mains, dredging, dewatering, contaminated soils and materials management, site remediation, risk assessment, and manufacturing of fluid transportation products.

"Since my father started this business more than 70 years ago, we have grown into industry leaders," Madeleine Paquin, Logistec’s president and CEO, said in a release. "As we enter this next phase of our journey, we will continue to build a sustainable future by facilitating trade, handling our customers' goods safely, and protecting our environment as well as our water resources for the next generation. We see significant opportunity to collaborate with Blue Wolf to drive value creation for our people, our customers, and our communities while rewarding our existing shareholders with an attractive cash consideration providing immediate and fair value for their shares."