It’s the end of an era for the Verreault shipyard: 66 years after its founding, the company located on the border between the Bas-Saint-Laurent and Gaspésie passes into the hands of the Ocean Group of Quebec.
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“Five or six years ago, we had the first discussions with Verreault. Along the way, they certainly discussed with other groups, but the fact that we are 100% Quebecois and that we have an enviable reputation as an employer and as a service provider, I believe, means that we were the choice of sellers, “said Wednesday at the Log Jacques Tanguay, CEO of Ocean Group.
The value of the transaction was not disclosed, nor was Verreault’s revenue.
Stable and profitable
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“It’s a company that is relatively stable in terms of revenue and profitability, but which has not experienced recent growth,” said Mr. Tanguay. It is a stable and profitable operation. »
For several years, Verreault tried to obtain government funding for an ambitious expansion project, but to no avail. The site has nevertheless been extended twice since the end of the 1990s.
The acquisition of Verreault will allow Ocean to add one of the largest dry docks in Canada to its assets. It can accommodate vessels up to 800 feet in length. The company’s two existing sites, in Quebec City and L’Isle-aux-Coudres, can accommodate vessels of barely 200 feet and 300 feet, respectively.
The Ocean Group also intends to increase major maintenance and transformation activities at Verreault in order to ensure optimal occupancy of the premises. The Méchins shipyard currently specializes in smaller-scale works.
Shipbuilding
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The workers of Verreault Navigation, established in Méchins, in the Bas-Saint-Laurent, learned Wednesday morning that the Ocean Group was acquiring their employer.
“Clearly, Ocean’s intention is to move towards more important work, possibly construction work on small ships,” said Jacques Tanguay. […] There are a lot of opportunities that we see coming through the National Shipbuilding Strategy [d’Ottawa]. »
Mr. Tanguay himself announced the acquisition of Verreault to the company’s hundred employees on Wednesday.
“People are very happy or if they’re not, they’re very good actors,” he said.
No one was available at Verreault on Wednesday to comment on the transaction.
Although he admitted to feeling “a twinge of heart”, the mayor of Les Méchins, Dominique Roy, nevertheless enthusiastically welcomed the change of ownership of the largest employer in the municipality. Verreault employs a hundred people.
“This is really very good news for the expansion of the municipality,” rejoiced Mr. Roy, who already foresees the arrival of “new residents” in Les Méchins.
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A family of browsers
Verreault Navigation was founded in 1956, but its roots go back to 1909, when Jean-Louis Verreault, the grandfather of the company’s founder, bought a sailing barge.
To start a business, his grandson Borromée first opted for dredging. It quickly expanded its presence to eastern Canada and the Great Lakes.
In 1964, the company opened a ship repair and construction yard.
About ten years later, the Government of Quebec issued a call for tenders for the construction of a dry dock. Verreault was chosen and inaugurated the facilities in 1982 after work costing $6 million.
Women at the helm
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Denise Verreault, leader of Groupe Verreault
To make matters worse, Borromée Verreault died shortly after the opening of the drydock. His wife, Anita Dumaresq, succeeded him at the head of the company, followed by his two daughters, who became owners in 1987.
Sole shareholder since 1989, Denise Verreault has worked diligently on the development of the company, notably multiplying public appearances. The drydock was lengthened in 1998 and widened in 2015.
Due to health issues, Mr.me Verreault entrusted the management of the company a few years ago to her husband, Richard Beaupré, who also became a shareholder. Fifteen years ago, the entrepreneur had also started farming in Gaspésie.
“Verreault has in a way drawn the portrait of our municipality”, underlines the mayor of Méchins, Dominique Roy.
“It’s something to have an industry like that in your village,” he adds.
The Ocean Group in brief
■ Founded in 1972 by Gordon Bain as Aqua-Marine
■ Employees : more than 1000
■ Shareholders: Gordon Bain, Jacques Tanguay, Caisse de depot, Fonds FTQ
■ Activities : ship repair and construction, harbor towage, dredging
■ Presence : Quebec, Ontario, Alberta, British Columbia, Caribbean
In 2018, the Caisse de dépôt et placement du Québec and the Fonds de solidarité FTQ invested $112 million in Groupe Océan.