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Quebec  + Canada  + Cross Border News  + Industrial  | 
Quebec bulk-goods-handling company Logistec is being sold to U.S. investment firms Blue Wolf Capital and Stonepeak for $1.2 billion.

Blue Wolf, Stonepeak Complete $1.2B Acquisition of Quebec’s Logistec

U.S. investment firms Blue Wolf and Stonepeak have completed their $1.2-billion acquisition of Quebec bulk-goods-terminal company Logistec.

The deal, announced in October 2023, has broad industrial and other commercial real estate implications in Quebec and across North America. Logistec provides bulk, break-bulk and container-cargo handling services in 60 ports and 90 terminals across North America.

Blue Wolf and Stonepeak purchased Logistec through a plan of arrangement. Logistec will continue to be based in Montreal, but the acquisition takes it private, pending regulatory approval. The purchasers have agreed to invest more than $200 million in capital expenditures and “growth initiatives.”

The Paquin family had controlled Logistec since founding it in 1952. As a result of the transaction’s completion, announced Tuesday, Madeleine Paquin has resigned as CEO. Sean Pierce, a marine industry veteran, has been appointed as her replacement.

A new board has also been created, with Blue Wolf and Stonepeak representatives joined by Jean-Jacques Ruest, former CEO of Canadian National Railway, and Michael Moore, former CEO of Global Container Terminals.

The Quebec government was in discussion with Blue Wolf to purchase a stake in Logistec, the company said in October. But a news release issued Tuesday made no further reference to a potential provincial investment.

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About Monte Stewart

Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate. Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s. In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star. Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.

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