Another important Quebec company will pass into foreign hands. Montreal company Logistec, controlled by the Paquin family, said Monday it had accepted an American purchase offer worth $1.2 billion.
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If the $67 per share proposal is approved by Logistec shareholders, the company will become owned by Blue Wolf Capital Partners and Stonepeak, two New York investment firms.
In response to the announcement, Logistec shares rose nearly 13% on the Toronto Stock Exchange on Monday.
Logistec, a company specializing in maritime logistics and environmental services, was up for sale in May.
Photo from Logistec website
Long list
Recall that in recent months several Quebec flagships, including Uni-Select, Produits Forestières Résolu, OpSens and H2O Innovations, have accepted foreign purchase offers.
Logistec was founded in 1952 by Roger Paquin under the name Quebec Terminals and has been managed since 1996 by one of his daughters, Madeleine.
Madeleine Paquin photo from the Logistec website
Ms. Paquin and her two sisters, Suzanne and Nicole, control 76.9% of the company’s voting power through multiple voting shares. The Caisse de dépôt holds 13.7% of the voting rights.
If the deal goes through, the Paquin family will net more than $389 million.
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