Blue Wolf Capital Partners and Stonepeak have joined forces to buy Logistec in a C$1.2bn (€835.5m) deal.
TSX-listed Logistec said it has agreed to a $67.00 per share take-private cash offer from Unlimited Liability Company, an entity owned by certain funds managed by Blue Wolf in partnership with Stonepeak.
Logistec, which has Sumanic Investments as a principal investor, said the agreement follows a review of strategic alternatives available to maximise shareholder value.
Montréal-based Logistec, provides specialised 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. A public company since 1969, Logistec 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.
Guy LeBlanc, president and CEO of Investissement Québec (IQ), said the governement du Québec through Investissement Québec is in discussion with Blue Wolf for a potential investment in Logistec.
LeBlanc said: “IQ’s potential participation in the corporation will support Blue Wolf’s commitment to maintain Logistec’s headquarters and operations in Québec and to continue to make investments in Québec.”
Natalie Marjancik, a partner at Blue Wolf, said: “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.”
James Wyper, senior MD at Stonepeak, said: “The specialised services Logistec provides through its terminal operations to a diversified global customer base make it a quality infrastructure asset.
“Between its Marine Services and Environmental Services business, which is focused on rehabilitating aging water infrastructure and remediating soil, we believe in the compelling opportunities for growth and in the future success of Logistec.”
Madeleine Paquin, president and CEO of Logistec, said: “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.”
J Mark Rodger, Logistec’s chairman of the board of directors and of its special committee, said: “After a comprehensive and rigorous strategic review process, we are pleased to have agreed terms on a transaction with Blue Wolf that has the full support of Logistec’s board of directors and special committee.
“After careful deliberation, the special committee and the board of directors have unanimously concluded that the transaction is fair to Logistec’s shareholders and is in the best interests of Logistec and its employees and other stakeholders.”
To read the latest edition of the latest IPE Real Assets magazine click here
