Canadian Logistics Firm Plans Significant US Expansion After Acquiring Houston Company
Montreal-based Logistec Corporation said it is significantly expanding its business operations in the United States with the acquisition of Gulf Stream Marine, a Houston cargo handling, stevedoring and terminal operator in the Gulf Coast region.
Logistec said it is paying $65.7 million dollars for the company.
“This unique combination of services, linked by water, is brought to life by the dedication of Logistec’s people and now more than 2,300 people across North America, from the Arctic to Brownsville, Texas, plus key industry partners, who together strive every day to go beyond for their customers. The future is bright for the Logistec family,” said Logistec President and CEO Madeleine Paquin.
The merger will increase Logistec’s operation by ten terminals and give it a presence in five additional ports, bringing its number up to 68 terminals and 40 ports in North America.
Logistec said the deal will strengthen its position in the high-growth U.S. market, providing access to experienced talent, information and knowledge transfer between the companies, and it will increase shareholder value.
A public company since 1969, Logistec is traded on the Toronto Stock Exchange.
For the year ending October 31st, 2017 Gulf Stream Marine generated revenues of $68.7 million dollars.
“We see great synergies in joining forces. It provides an excellent platform for growth and development,” said Gulf Stream Marine President and CEO Kevin Bourbonnais.
