Former company executives and managers, along with Groupe Mache, have teamed up in a bid to acquire financially troubled paddle boat maker Pelican International (also known as Pelican Group), La Presse reported.

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, would not be involved with the restructured business, the report states.

An agreement was to be submitted Monday to a Quebec court after Pelican filed for creditor protection in March, according to La Presse. Pelican’s assets are being sold through a single-phase auction process.

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 auction was intended to result in the sale of all, or most, of the company’s business and assets.

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, which cited a draft court document.

FTI Consulting Canada is serving as the court monitor and overseeing the sale process. The SISP sought buyers or investors for all or substantially all of Pelican’s business and assets. The deadline for binding bids was April 10.

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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