Logistec buys Gulf Stream Marine

Gulf Stream has cargo handling, stevedoring and terminal operations in the U.S. Gulf Coast region

March 2, 2018

Montréal – Logistec Corporation is expanding its network of terminals through the acquisition of Gulf Stream Marine.

Headquartered in Houston, Texas, Gulf Stream Marine is a leader in cargo handling, stevedoring and terminal operations in the U.S. Gulf Coast region. For the year ended October 31, 2017, the ultimate parent company, GSM Maritime Holdings, LLC, generated revenue of US$68.7 million (approximately CA$87.7 million) and an adjusted EBITDA of US$8.2 million (approximately CA$10.5 million).

“Combining Logistec and Gulf Stream Marine will bring together two highly complementary businesses to deliver greater value, service and innovation to customers. It builds on Logistec’s longstanding track record of successful operations in Canada and in the eastern USA and from Gulf Stream Marine’s unmatched presence in the U.S. Gulf, as well as its leadership in operational excellence,” explained Madeleine Paquin, president and CEO of Logistec.

“We see great synergies in joining forces. It provides an excellent platform for growth and development,” said Kevin Bourbonnais, president and CEO of Gulf Stream Marine.

Added Madeleine Paquin, “This unique combination of services, linked by water, is brought to life by the dedication of Logistec’s people and now more than 2,300 people across North America, from the Arctic to Brownsville, Texas, plus key industry partners, who together strive every day to go beyond for their customers.”