Stonepeak Partners LP along with certain funds managed by Blue Wolf Capital Partners LLC completed the acquisition of Logistec Corporation (TSX:LGT.B) from Sumanic Investments Inc. and others.
LOGISTEC's Board of Directors has evaluated the Arrangement Agreement with the Corporation's management and legal and financial advisors, and following the receipt and review of the unanimous recommendation of the Special Committee, the Board of Directors has unanimously determined that the transaction is in the best interests of LOGISTEC and is fair to its shareholders, and unanimously recommends that LOGISTEC's shareholders approve the transaction. As of December 18, 2023, LOGISTEC's shareholders have approved the previously announced plan of arrangement. The transaction will be implemented by way of a plan of arrangement under the Business Corporations Act (Québec) and is expected to close in the first quarter of 2024, subject to customary closing conditions, including the receipt of regulatory approvals and clearances in Canada and the United States, LOGISTEC shareholder approval and Court approval. The transaction is not subject to any financing condition. As of December 22, 2023, Superior Court of Québec has issued a final order and approved the transaction. The transaction is expected to close during the week of January 8, 2024.
TD Securities Inc. is acting as exclusive financial advisor to the Corporation and Blair Franklin Capital Partners Inc. is acting as independent financial advisor to the Special Committee. Rothschild & Co is acting as exclusive financial advisor to Blue Wolf. William J. Braithwaite and David Massé of Stikeman Elliott LLP acting as independent legal advisors to the Special Committee and Jean Michel Lapierre and Caitlin Rose of Fasken Martineau DuMoulin LLP and K&L Gates LLP as legal advisors to the Corporation. Robin Mahood of McCarthy Tétrault LLP and Laura Delanoy of Willkie Farr & Gallagher LLP are acting as legal advisors to Blue Wolf. Davies Ward Phillips & Vineberg LLP is acting as legal advisor to Sumanic Investments Inc. Blair Franklin Capital Partners acted as fairness opinion to the board of Logistec Corporation.
Stonepeak Partners LP along with certain funds managed by Blue Wolf Capital Partners LLC completed the acquisition of Logistec Corporation (TSX:LGT.B) from Sumanic Investments Inc. and others on January 8, 2024. Sean Pierce has been named chief executive officer of Logistec. 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 and Michael Moore. Following this transaction, Logistec's headquarters will remain in Montreal.