The Quebec stevedoring company QSL announced Friday that the Caisse de dépôt et placement du Québec (CDPQ) 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 in the operation of 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 CDPQ 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 his pocket” — a personal loan from his mother.
“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 QSL President and CEO Robert Bellisle, the arrival of new shareholders, including CDPQ, will mark the beginning of a “new era” for the company, which will ensure its sustainable growth and give it the means of his ambitions.
For its part, CDPQ says it wants to support QSL’s growth strategy, “including investment in new projects, particularly in Quebec”, by becoming a shareholder.
“We are proud to become shareholders, which will allow us to retain assets and talents here, alongside an experienced partner in the maritime sector,” underlined the first vice-president and head for Quebec of the CDPQ, Kim Thomassin, in writing.
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.