Caisse de dépôt et placement du Québec (CDPQ) and Fonds de solidarité FTQ have taken a minority stake in Canada’s Ocean Group, representing a total investment of CAD112 million (USD85.3 million).
Ocean Group will use the investment to expand its Canadian activities and continue its global growth. The funds will also be used to acquire new equipment.
Based in Québec, Ocean Group provides harbour towing, oversized marine transportation, industrial and naval repair, dredging, shipbuilding and barge and workboat rental services in Canada and the Caribbean region.
“Our strong growth in recent years combined with our desire to expand our activities internationally are pushing us to accelerate our development,” said Jacques Tanguay, president and chief operating officer of Ocean Group.
Mathieu Gauvin, senior vice president at CPDQ, added that the investment will support Ocean Group in accelerating the implementation of its expansion plans, which will will eventually allow it to provide its services in new markets.