Logistec snaps up Houston-based stevedoring company in $65.7m deal

Montreal-based Logistec has gained a stronghold in the U.S. Gulf through its purchase of non-union stevedoring company Gulf Stream Marine.    Logistec Corp. said it has acquired Houston-based Gulf Stream Marine for $65.7 million.
   Madeleine Paquin, president and chief executive officer of Montreal-based Logistec, said the deal “will bring together two highly complementary businesses to deliver greater value, service and innovation to customers.”
   Both companies are heavily involved in the handling of breakbulk, bulk and project cargo, as well as containers.
   Logistec said the purchase will allow it “to establish a stronghold in the U.S. Gulf, strengthen its position in a high-growth market in the United States, provide access to an experienced talent pool, facilitate knowledge transfer between the two organizations, and generate immediate positive benefits to shareholders.”
   Gulf Stream Marine’s terminals in Houston include Manchester Terminal, Industrial Terminal, Woodhouse Terminal and South Central Terminal.
   It also has other terminals across Texas, including in Corpus Christi, Freeport, Brownsville and Victoria; as well as a terminal in Lake Charles, La.
   Gulf Stream’s Big John Marine, a barge that has a crane with a 500-ton lift capacity, is being sold separately.