Quebec-based port terminal and logistics giant QSL will be sold to Caisse de dépôt et placement du Québec (CDPQ) and U.K.-based infrastructure firm iCON.

QSL announced the deal in a news release Friday. Financial terms were not disclosed. The transaction is expected to close in mid-year 2024.

The new ownership group will include company management and minority shareholders who already own stakes in the company. QSL’s portfolio holds 64 multi-purpose marine cargo terminals across North America.

QSL said it will remain headquartered in Quebec. with iCON and CDPQ supporting the terminal operator’s expansion plans in the province.

Upon completion of the transaction, Denis Dupuis, QSL’s founder and controlling shareholder will step down. The firm’s management team, led by President and CEO Robert Bellisle, will remain in place.

“I began this business in 1978 with $10,000 cash, a personal loan from my mother,” said Dupuis. “My vision was to build a major company, anchored in the City of Quebec, that would set the standard for maritime logistics through impeccable service, strategic development and lasting partnerships.”

CDPQ decided to acquire an interest in QSL after providing loans to the firm since 2021.

“Working together, we will enable QSL to pursue an ambitious growth plan, in which Québec will remain the hub,” said Kim Thomassin, CDPQ’s head of Quebec.