(Quebec) The Quebec stevedoring company QSL announced Friday that the Caisse de dépôt et placement du Québec will become one of its shareholders, in concert with funds advised by iCON and its current shareholder managers.
Founded in 1978 in Quebec, QSL operates port terminals and offers stevedoring, logistics management and transportation services. The company has 2,000 employees and its activities are spread across 64 port terminals in Canada and the United States.
The arrival of the Caisse de dépôt et placement du Québec among its shareholders represents a major moment for its founder, Denis Dupuis, who, he recalled in a press release, “started this company in 1978 with $10,000 in pocket” — a personal loan from his mother.
“My vision was to build a large-scale company, anchored in Quebec City, which would establish the standards of maritime logistics through impeccable service, strategic development and lasting partnerships. The time has come to pass the torch with a sense of accomplishment, confident that the future is in good hands and that my dream will continue,” he maintained. Mr. Dupuis will retire from the company once the transaction is completed, which should occur mid-year.
According to the President and CEO of QSL, Robert Bellisle, the arrival of new shareholders, including the Caisse de dépôt, will mark the beginning of a “new era” for the company, which will ensure its long-term growth and give it the means of his ambitions. “For our employees, our customers and our partners, this announcement marks the start of a new era of development, exciting projects and innovation, as we work together to meet the challenges of tomorrow,” he said. supported.
For its part, the Caisse de dépôt says it wants to support QSL’s growth strategy, “including investment in new projects, particularly in Quebec”, by becoming a shareholder. The Caisse was already involved in the development of QSL in the form of loans since 2021.
We are proud to become shareholders, which will allow us to retain assets and talent here, alongside an experienced partner in the maritime sector.
Kim Thomassin, first vice-president and head for Quebec at the Caisse de dépôt et placement
Another partner in the adventure, iCon is a London investment company with 8 billion in assets under management. iCON focuses on long-term equity investments in mid-sized private companies in Europe and North America, whose activities are primarily related to infrastructure. The company has a portfolio of around fifty companies, including Ontario companies Capstone Infrastructure and Vista Services.
The amount of the transaction was not disclosed, but QSL specified that its head office will remain in Quebec and that the company will continue to be led by its current management team.