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LOGISTEC announces strategic purchase of Gulf Stream Marine

2018-03-02

 

McKeil Marine's Evans Spirit  won the International Bulk Journal's 2016 Ship of the Year Award during the IBJ's Salute to Excellence in the Maritime Bulk Industry gala awards ceremony in London, UK on November 21.
"It's a fantastic way to closeout our 60th anniversary year: having a vessel named after our founder, Evans McKeil, win this prestigious international award," said Steve Fletcher, President and CEO of McKeil Marine.
Acquired by McKeil in 2015, the Evans Spirit is a cargo ship with the shallow draught characters of a tug and barge; however, compared to a tug-and-barge unit, she can transport approximately 40 per cent more cargo about 50 per cent faster on a very similar amount of fuel.  She is in service throughout the Great Lakes and St. Lawrence River.
Evans Spirit was shortlisted for 2016 Ship of the Year competing with three other vessels: CS Bright, Mitsui OSK Lines, Japan;  Damen Shipyards, Netherlands; and MN Baroque, Swiss Marine, Switzerland. The award is presented to the owner, operator or builder of an outstanding individual bulk ship. Judged on operational efficiency, design innovation, safety and environmental protection, the Evans Spirit was selected as winner. (Photo Paul Beesley).

LOGISTEC Corporation, a Montreal-based provider of marine and environmental services,  announced on March 1 the expansion of its North American network of terminals through the strategic acquisition of Gulf Stream Marine. The transaction will allow LOGISTEC 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, a press release stated. Valued at US$65.7 million, the acquisition means that Logistec's cargo-handling network will now encompass 58 terminals in 35 ports.

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 of Gulf Stream Marine, GSM Maritime Holdings, LLC ("GSM"), 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. The future is bright for the LOGISTEC family." (Photo Gulf Stream Marine)

 
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