Quebec City – Ocean Group, a leader in the maritime industry in Quebec and Canada, announces a significant change in its shareholding structure, marking a major milestone in its development. The transition is being carried out with the continued involvement of Gordon Bain, the company’s founder, and through a management buyout process led by Jacques Tanguay, the company’s President and Chief Executive Officer.
This change will allow Ocean Group to welcome new strategic partners while strengthening its Quebec and Canadian identity. Gordon Bain and the senior management retain control of the company, ensuring committed and entrepreneurial leadership.
La Caisse (formerly CDPQ), a long-standing partner of Ocean, is also reinvesting in the company, while the Government of Quebec and Investissement Québec are acquiring equity interests by investing $145 million, replacing the Fonds de solidarité FTQ. Together, La Caisse and Investissement Québec will act as equal shareholders.
Thanks to the participation of these two leading institutional investors, Ocean Group remains a wholly Quebec-owned company headquartered in Quebec City. La Caisse’s commitment since 2014 and Investissement Québec’s acquisition of a stake in the company allow Ocean Group to maintain its local presence and promote sustainable growth.
“This management buyout was made possible by Gordon Bain and our two partners. This milestone is the result of rigorous growth planning that began several years ago. We are proud to have strong Quebec-based partners to help us write the next chapter in Ocean Group’s history. We will do so surrounded by a fabulous team and our hard-earned reputation,” said Jacques Tanguay, President and Chief Executive Officer, Ocean Group.
This transaction solidifies Ocean Group’s central importance in the Canadian maritime ecosystem and demonstrates its ability to surround itself with credible, well-established partners. Ocean Group is a recognized leader in harbour towing, marine works, and naval construction, operating mainly in Quebec, as well as in Ontario, British Columbia, and Jamaica.
The company employs 1,100 people, nearly 1,000 of whom are based in Quebec. This change in shareholding will invigorate Ocean Group’s growth strategy while ensuring its sustainability, responsible governance, and long-term economic benefits for Quebec. There will be no impact on jobs, and all positions will be maintained. With a solid financial structure and dedicated partners, Ocean Group is well positioned to grow in Quebec and abroad while strengthening its contribution to the maritime economy.
(Photo shows from left to right: Bicha Ngo, President and CEO, Investissement Québec; Gordon Bain, Founder and Chairman of Ocean Group; Kim Thomassin, Executive VP and Head of Quebec, La Caisse; and Jacques Tanguay, President and CEO of Ocean Group)