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Quebec  + Canada  + Industrial  | 
Quebec-based port terminal and logistics giant QSL will be sold to CDQP and iCON.

QSL to be Sold to CDPQ, U.K. Firm

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.


Inside The Story

Robert BellisleKim Thomassin

About Monte Stewart

Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate. Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s. In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star. Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.

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