Quebec’s Logistec Sold for $1.2B
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.