By Leo Ryan, Editor
New York-based Blue Wolf Capital Partners LLC, a middle market private equity firm specializing in the industrial and healthcare sectors, today announced the appointment of marine industry veteran Sean Pierce as CEO of LOGISTEC Corporation, succeeding Madeleine Paquin, who indicated she has stepped down from her role as President and CEO since 1996.
The announcement follows the completion of the acquisition of LOGISTEC for approximately $1.2 billion by Blue Wolf, partnered with Stonepeak, an investment firm specializing in infrastructure and real assets. Originally announced last October, the transaction builds on Blue Wolf’s track record of successful investments in the industrial sector and demonstrates a commitment to North American industry, a press release stated.
It marks the beginning of a new era for one of the crown jewels of Canadian and Quebec industry as well as the departure of the founding Paquin family from the corporate leadership since its establishment more than 70 years ago.
In recent years, 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.
LOGISTEC’s headquarters will remain in Montreal. No other changes were announced in the executive team which includes Rodney Corrigan, President and CEO of LOGISTEC Stevedoring. He oversees an extensive network of terminals stretching from the St. Lawrence River and Great Lakes to Canada’s eastern seaboard, the US East Coast, Florida and the Gulf Coast.
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.
“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.”
“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.”
“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, the press release said.
Tribute to Madeleine Paquin
“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.”
(Photos from Blue Wolf Capital Partners and Logistec Corporation)
