Blue Wolf finalizes Logistec acquisition and announces new CEO
(Posted on 10/01/24)
Blue Wolf Capital Partners LLC, a middle market private equity firm specializing in the industrial and healthcare sectors, has completed its acquisition of Montreal-based LOGISTEC Corporation.
LOGISTEC Corporation is based in Montréal (QC) and provides specialized services to the marine community and industrial companies in the areas of bulk, break-bulk and container cargo handling in 60 ports and 90 terminals located in North America
As announced on October 16, 2023, Blue Wolf partnered with Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets, to execute the approximately C$1.2 billion transaction. This transaction builds on Blue Wolf’s track record of successful investments in the industrial sector and demonstrates a commitment to North American industry.
“LOGISTEC has a well-earned reputation for operational excellence providing marine and environmental services across critical infrastructure and industrial markets,” said Bennet Grill, Partner at Blue Wolf and incoming Chairman at LOGISTEC. “We are excited to support LOGISTEC’s exceptional team providing safe, sustainable and creative solutions for their customers and invest in the company’s next phase of growth.”
Since its founding more than 70 years ago, LOGISTEC has expanded into a diversified corporation offering a range of marine and environmental services in the North American market. It currently operates in 60 ports and 90 terminals across the continent. Following this transaction, LOGISTEC’s headquarters will remain in Montreal.
“The closing of this transaction marks an exciting milestone in LOGISTEC’s trajectory,” said James Wyper, Senior Managing Director at Stonepeak. “We look forward to supporting LOGISTEC in partnership with Blue Wolf as the company continues to grow and provide specialized services to its diversified global customer base through its terminal operations.”
Sean Pierce has been named chief executive officer (CEO) of LOGISTEC. Mr. Pierce brings a wealth of global industry expertise and strategic leadership that will further accelerate LOGISTEC’s growth and expansion. He will replace Madeleine Paquin, who announced today that she has stepped down from the role.
“Being asked to lead LOGISTEC is a great honor,” said Sean Pierce, CEO of LOGISTEC. “I am excited to join an organization with a strong dedication to its customers, employees and the communities in which we operate. I look forward to continuing this legacy and working with the entire team to lead the company to even greater things in the future.”
With over 35 years of experience in the marine sector, Mr. Pierce has held various senior executive roles and has a proven track record of driving organizational success. His deep understanding of the industry and commitment to innovation will be instrumental in leading LOGISTEC into its next phase of development, while continuing to contribute to the Quebec and Canadian economies.
“I am delighted to welcome Sean Pierce as LOGISTEC’s new CEO. His extensive experience and visionary direction will strengthen the company’s position as a critical provider of logistics and environmental solutions,” added Mr. Grill. “I also would like to recognize Madeleine Paquin for her outstanding leadership over the past three decades. Her dedication and contributions have made LOGISTEC a great company, and we look forward to building on her legacy.”
In connection with the acquisition, a new board of LOGISTEC also has been constituted, with representatives from Blue Wolf and Stonepeak joined by Jean-Jacques Ruest, former CEO of Canadian National Railway, and Michael Moore, former CEO of Global Container Terminals.
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