Quebec bulk-goods-terminal company Logistec is being sold to U.S. investment firms Blue Wolf Capital Partners and Stonepeak for $1.2 billion.
The deal, announced Monday, has broad industrial and other commercial real estate implications in Quebec and across North America.
New York-based Blue Wolf and Stonepeak are buying Montreal-based Logistec through a co-owned fund for $67 per share under a plan of arrangement. The Paquin family has controlled Logistec since founding it in 1952.
The offer represents a 61.2% premium above Logistec’s 20-day volume-weighted average class A share trading on May 19, and a 62.2% premium to the class B stock price over the same period, on the Toronto Stock Exchange.
The transaction, which is slated to close in first-quarter 2024, will take Logistec private and ensures that the company will remain headquartered in Quebec. Blue Wolf and Stonepeak will also invest more than $200 million in capital expenditures and “growth initiatives.”
The Quebec government is also in discussion with Blue Wolf to purchase a stake in Logistec, Guy LeBlanc, president and CEO of the province’s investment arm, said in a news release.
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.