The CapStreet Group said March 6 that it closed the sale of portfolio company, Gulf Stream Marine Inc, to Logistec Corp. Gulf Stream provides cargo handling, stevedoring and marine terminal operations in the U.S. Gulf Coast region. BB&T Capital Markets LLC served as financial adviser to GSM, while Willkie Farr & Gallagher LLP acted as legal counsel.
HOUSTON–(BUSINESS WIRE)–The CapStreet Group (“CapStreet”) today announced it completed the sale of its investment in portfolio company, Gulf Stream Marine, Inc. (“GSM” or the “Company”) to Logistec Corporation (TSX: LGT.A and LGT.B), on March 1, 2018. GSM is a leader in cargo handling, stevedoring and marine terminal operations in the U.S. Gulf Coast region.
Together with Company management, CapStreet was able to leverage its operational playbook to facilitate growth and numerous operational enhancements over its approximately six year hold, including the expansion into two new terminals, the deployment of industry leading technology, and numerous process improvement initiatives.
“Partnering with the GSM management team since 2012 has been a great experience as the company has transformed into a leading break-bulk stevedore in the Gulf Coast region” said Neil Kallmeyer, a Managing Partner at The CapStreet Group. “Kevin Bourbonnais and the entire GSM team have been extremely effective executing the Company’s strategic and tactical objectives. GSM has really grown to be a best in class logistics platform.”
“CapStreet was instrumental in the development and execution of our strategic plan” said Kevin Bourbonnais, Chief Executive Officer of GSM. “The firm’s support in developing our management team, IT and ERP systems, operational standards, strong culture of safety and the application of lean operating principles to all facets of cargo flows was a true asset to our business. The entire GSM team is excited about the upcoming opportunities offered with the combination of GSM and Logistec, which will create one of the largest terminal networks and break-bulk handlers in North America.”
Other members of the CapStreet investment team include Tom Caughlin, George Kelly and Natalie Masin.
BB&T Capital Markets, LLC served as the exclusive financial advisor to GSM. Willkie Farr & Gallagher LLP served as GSM’s legal counsel.
About Gulf Stream Marine
Gulf Stream Marine is a leading marine stevedoring and terminal management company specializing in handling break bulk cargo. The company’s services include cargo handling and other value-added services primarily for ocean carriers, shipping companies, third-party logistics providers and manufacturers. GSM is the dominant break-bulk stevedoring company at the Port of Houston, which is the largest break-bulk port in the United States. The company was founded in 1990 and is based in Houston, TX.
For more information, visit www.gulfstreammarine.com.
About The CapStreet Group
The CapStreet Group is a Houston, Texas based private equity firm that invests in owner-managed, lower middle market companies. CapStreet targets companies operating in the value-added distribution, industrial services and manufacturing, and business to business service sectors. Our approach is to partner with excellent management teams to build out corporate infrastructure, accelerate growth and profitability, and create long term sustainable businesses.
For more information, visit The CapStreet Group website, www.capstreet.com.