Oceanex sold to consortium
Oceanex, a shipping company that operates two services –one between Montreal and St. John’s, Newfoundland and the other between Halifax, St. John’s and Corner Brook, Newfoundland — has been sold.
Oceanex Income Fund said substantially all of its assets had been sold to affiliates of South Coast Partners Limited Partnership, a newly established entity owned by a consortium of investors consisting of Sidney J. Hynes, OPTrust Private Markets Group and Terrma Capital Corp.
The Montreal Gazette said the value of the transaction was more than $200 million, including debt.
Oceanex, which operates two ice-class ro/ro containerships and one containership, carries consumer and industrial products, trucks, trailers, automobiles, and standard and dimensional machinery.
The company has about 400 employees.
The Gazette said the company plans to spend about $200 million on a ship replacement program over the next four to eight years.
“We are very pleased to have completed the acquisition of Oceanex and now look forward to focusing on its continued successful operation in Newfoundland and in Eastern Canada,” said Hynes, who has been named executive chairman of Oceanex.