This article written in french by Stéphane St-Amour was automatically translated using AI
A newly formed company under the name Pelican Intl Inc. has acquired all assets of Pelican International and Confluence Outdoor.
The transaction was completed through a court-approved Sales and Investment Solicitation Process (SISP), in accordance with the Companies’ Creditors Arrangement Act (CCAA) in Canada and Chapter 15 in the United States, according to a press release issued by the new owner on May 12.
It will be recalled that the world leader in the design and manufacture of kayaks, canoes, pedal boats, paddleboards, and fishing boats had filed for protection under the Bankruptcy and Insolvency Act last winter. At the time, the manufacturer owed its creditors more than $140 million, with 90% of that debt held by the National Bank of Canada.
“Today [Monday, May 12] marks a decisive turning point for the paddlesports industry, ensuring the sustainability and innovation of a portfolio of globally recognized brands. The heart of the company remains strong, with over 400 passionate and dedicated employees who will lead the way into the future,” the company stated.
In an email exchange, Rime EL Rhoul, Lead Counsel for Legal and Corporate Affairs, specified that Pelican had “retained the vast majority of jobs during the process” and that “the overwhelming majority of employees were rehired by the new entity.”
Private Investors
A group of private investors based in Quebec partnered with members of Pelican’s former management team, including former President and CEO Danick Lavoie, to revive the company. The investors include Vincent Chiara, President and Founder of Mach Capital; Marc Varadi, President of RIMAP Hospitality; Luc Sabbatini, Founder of Ganesh Capital; and Charles Malo, director and investor.
“This acquisition reflects the enduring strength of our brands, the resilience of our employees, and the loyalty of our retailers,” said Danick Lavoie, who is returning to lead the company, headquartered in the A-25 Industrial Park in Laval.
Lavoie expressed his gratitude for “this unique opportunity to work once again with [his] former colleagues and [his] new partners to ensure the long-term viability of this Quebec flagship company,” determined to “create sustained growth, continue transforming the industry, and capitalize on the company’s manufacturing expertise and capacity.”
To that end, the new company is committed to “actively pursuing acquisitions and strategic partnerships to strengthen its portfolio, ensuring it remains the global leader in paddlesports.”
As for the subsidiary Confluence Outdoor Inc., it will now operate under the name Pelican Intl USA Inc., unifying North American operations.
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