Algoma Central Corp., St. Catharines, Ontario, has entered into a definitive agreement to acquire Mainstay Maritime Inc.'s three Canadian operating companies and associated fleet of six Canadian-flagged vessels, the companies announced on Friday. Terms of the deal were not disclosed.
The transaction includes Lower Lakes Towing Ltd., Port Dover, Ontario, and its associated operating companies, as well as six lake freighters: Kaministiqua, Manitoulin, Robert S. Pierson, Saginaw, Michipicoten, and Valo.
Mainstay Maritime, Williamsville, N.Y., formerly Rand Logistics Inc., operates one of the largest Jones Act-compliant fleets serving the Great Lakes, specializing in the movement of dry bulk and liquid cargoes. The company operates a fleet of 26 vessels, including one conventional bulk carrier, 19 self-unloading bulk carriers, and seven bulk specialty and liquid vessels.
"We are incredibly proud of the shore and vessel team who built Lower Lakes into the respected Canadian maritime operator it is today and grateful for each team members' contributions," Greg Binion, CEO of Mainstay Maritime, said in a press release. "This transaction represents a natural step in Mainstay's evolution for the long-term benefit of all our constituencies – allowing us to sharpen our focus on the U.S. Jones Act market, increase our reinvestment in our U.S.-flagged fleet, and position the company to meet the growing needs of our customers."
"Algoma is pleased to grow our Canadian dry-bulk fleet with the addition of Lower Lakes' vessels and experienced team," said Gregg Ruhl, president and CEO at Algoma, noting that the "acquisition enhances our ability to provide exceptional marine transportation services to our customers across the Great Lakes – St. Lawrence Seaway."
The transaction is subject to customary closing conditions and is expected to close in the first quarter of 2026.
Algoma Central is a marine transportation provider that owns and operates dry and liquid bulk carriers serving the Great Lakes-St. Lawrence region and international markets.
Stikeman Elliott served as legal counsel, and AMA Capital Partners served as financial advisor to Mainstay. Borden Ladner Gervais served as legal counsel to Algoma.
