Algoma announces agreement to acquire Lower Lakes Fleet
(Posted on 03/03/26)
Algoma Central Corporation, a leading provider of marine transportation services, has announced it has entered into a definitive agreement to acquire Mainstay Maritime Inc.’s three Canadian operating companies and associated fleet of six Canadian-flagged vessels. Mainstay, formerly Rand Logistics, Inc., operates one of the largest Jones Act-compliant fleets serving the Great Lakes, specializing in the movement of dry bulk and liquid cargoes. The transaction includes Lower Lakes Towing Ltd. and its associated operating companies (collectively, “Lower Lakes”), as well as six associated Canadian-flagged vessels: Kaministiqua, Manitoulin, Robert S. Pierson, Saginaw, Michipicoten, and Valo.
“We are incredibly proud of the shore and vessel team who built Lower Lakes into the respected Canadian maritime operator it is today and grateful for each team members’ contributions,” said Greg Binion, CEO of Mainstay Maritime. “Algoma is an excellent steward for Lower Lakes, with deep experience and a long history of operational excellence in maritime shipping on the Great Lakes. For Mainstay, this transaction represents a natural step in Mainstay’s evolution for the long-term benefit of all our constituencies – allowing us to sharpen our focus on the U.S. Jones Act market, increase our reinvestment in our U.S. Flagged fleet, and position the Company to meet the growing needs of our customers.”
“Algoma is pleased to grow our Canadian dry-bulk fleet with the addition of Lower Lakes’ vessels and experienced team,” said Gregg Ruhl, President & CEO at Algoma. “With a long history on the Great Lakes, we understand what it takes to deliver safe, dependable marine transportation and this acquisition enhances our ability to provide exceptional marine transportation services to our customers across the Great Lakes – St. Lawrence Seaway. Mainstay Maritime’s commitment to safety, reliability, and high-quality service aligns with our operational values and we intend to maintain the highest level of safety and respect as we welcome the Lower Lakes team into the Bear Family.”
The transaction is subject to customary closing conditions and is expected to close Q1 2026.
Stikeman Elliott LLP served as legal counsel and AMA Capital Partners served as financial advisor to Mainstay. Borden Ladner Gervais LLP served as legal counsel to Algoma.
Algoma owns and operates dry and liquid bulk carriers that serve critical industries throughout the Great Lakes-St. Lawrence Region and internationally.
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