Canada’s government has provided a financial injection into a major towage group as part of a wider management buyout
A management buyout, backed by investment funds, has changed the shareholding structure of a major Canadian tug owner.
La Caisse is reinvesting and the government of Quebec and Investissement Quebec are financing the towage and shipbuilding group, enabling its management to pursue a renewed growth strategy.
Ocean Group president and chief executive Jacques Tanguay is leading the buyout process with the company’s founder, and International Tug & Salvage lifetime achievement award winner, Gordon Bain.
Under this arrangement, the government of Quebec and Investissement Quebec are acquiring equity interests by investing US$145M, replacing the Fonds de solidarité FTQ.
Ocean Group will remain a wholly Quebec-owned company, headquartered in Quebec City, and continue to be an important part of the Canadian maritime ecosystem. There will be no impact on jobs, and all positions will be maintained.
