Logistec Corporation announced the expansion of its network of terminals through its acquisition of Gulf Stream Marine of Houston, Texas. This transaction will allow Logistec to establish a stronghold in the U.S. Gulf, provide access to an experienced talent pool, facilitate knowledge transfer between the two organizations, and generate immediate positive benefits to shareholders.
This acquisition represents a major expansion of Logistec’s network of terminals in the United States. With Gulf Stream Marine’s ten terminals in five ports, Logistec’s cargo handling activities now cover 58 terminals in 35 ports in North America.
Headquartered in Houston, Texas, Gulf Stream Marine operates cargo handling, stevedoring and terminal operations in the U.S. Gulf Coast region. For the year ended October 31, 2017, the ultimate parent company of Gulf Stream Marine, GSM Maritime Holdings, LLC (“GSM”), generated revenue of US$68.7 million and an adjusted EBITDA of US$8.2 million. Pursuant to the merger, GSM shareholders received aggregate cash consideration of US$65.7, subject to adjustments.
“Combining Logistec and Gulf Stream Marine will bring together two complementary businesses to deliver greater value, service and innovation to customers, building on Logistec’s longstanding track record of successful operations in Canada and in the eastern United States, and from Gulf Stream Marine’s strong presence in the U.S. Gulf, as well as its leadership in operational excellence,” explained Madeleine Paquin, President and Chief Executive Officer of Logistec.