A Quebec judge has approved the sale of paddle boat maker Pelican International to a partnership involving former company executives and managers, along with Groupe Mache.

Danick Lavoie, Pelican’s former president and CEO is among the executives seeking to take over the Quebec-based firm through a court sale, according to La Presse. That means the Élie family, which founded Pelican in 1968, will not be involved with the restructured business.

Judge Andres Garin’s decision was release Tuesday after agreement was to be submitted Monday to the court. Pelican filed for creditor protection in March, according to La Presse.

The company, which includes Pelican International, Pelican US Topco and Confluence Outdoor, received the court’s permission for a sale and investment solicitation process (SISP) under the Companies’ Creditors Arrangement Act (CCAA) on March 19.

The company’s main operations include its Laval, Que., headquarters, a manufacturing facility in Salaberry-de-Valleyfield, Que., and a warehouse in Varennes, Que.

“This difficult but necessary decision was made to ensure the Pelican Group’s viability as a leader in the paddle [boat] and nautical sports industry, and in the best interest of our customers, employees, and shareholders,” said Pelican in a March news release.

Plans call for the new ownership group to retain almost all of the employees, according to La Presse.

FTI Consulting Canada has served as the court monitor and overseen the sale process. Financial terms remain under court seal until the transaction is completed.

Additionally, offers are being sought for GSI Outdoors, a Pelican affiliate that is not part of the CCAA proceedings. Prospective GSI buyers must submit a non-binding letter of intent by May 5, with final bids due by June 23.

Photo: Pelican

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