Middle market PE firm Blue Wolf Capital Partners (Blue Wolf) has partnered with Stonepeak, an alternative investment firm specialising in infrastructure and real investments, to acquire Canada-based marine cargo services provider LOGISTEC Corporation for CAD1.2bn (£723m).
Under the terms of the deal, BlueWolf will pay CAD67.00 per share for all outstanding shares of the business, which represents a 61.2% premium to the unaffected 20‑day volume-weighted average trading price per Class A Common Share on the Toronto Stock Exchange on 19 May, the day LOGISTEC announced a strategic review to “maximise shareholder value”.
The review was carried out at the request of the company’s principal shareholder, Sumanic Investments.
The offer also represents a 14.5% premium to the 20-day volume-weighted average trading price per Class A Common Share and a 9.9% premium to the 20-day volume-weighted average trading price per Class B Subordinate Voting Share on the Toronto Stock Exchange on 13 October, 2023.
Montreal-based LOGISTEC provides specialised 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.