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.