Montréal-based marine services provider Logistec Corporation has announced the acquisition of terminal operator Gulf Stream Marine to expand its network of terminals in the USA.
Logistec has acquired 100% equity interest in Gulf Stream Marine for a price of $65.7m.
Headquartered in Houston, Gulf Stream Marine mainly engages in businesses of cargo handling, stevedoring and terminal operations in the U.S. Gulf Coast region. With Gulf Stream Marine’s 10 terminals in 5 ports, Logistec’s cargo handling activities now cover 58 terminals in 35 ports in North America.
Logistec believes the transaction will allow the company to establish a stronghold in the U.S. Gulf, strengthen its position in a high-growth market in the United States, provide access to an experienced talent pool and facilitate knowledge transfer between the two organisations.
“Combining Logistec and Gulf Stream Marine will bring together two highly complementary businesses to deliver greater value, service and innovation to customers. It builds on Logistec’s longstanding track record of successful operations in Canada and in the eastern USA and from Gulf Stream Marine’s unmatched presence in the U.S. Gulf, as well as its leadership in operational excellence,” explained Madeleine Paquin, president and chief executive officer of Logistec.