The company that handles many of the goods shipped into Newfoundland and Labrador has agreed to sell its assets.
Oceanex has reached a tentative deal to sell its assets, including its yard at St. John's harbour. Oceanex has reached a tentative deal to sell its assets, including its yard at St. John's harbour.
A consortium led by Capt. Sid Hynes has agreed to buy Montreal-based Oceanex, which handles the shipping terminal at St. John's harbour and owns a fleet of vessels that carry containers.
Hynes has been active in marine industries in Newfoundland and Labrador for many years and is well-known for having chaired Marine Atlantic, which provides the ferry service connecting the island with Nova Scotia.
The newly formed consortium is called South Coast Partners Ltd. Hynes's partners are OPTrust Private Markets Group and Terrma Capital Corp.
"We plan to build on this solid foundation by making the appropriate investments to not only continue Oceanex's current success, but also to position the company for future, long-term success," Hynes said in a statement.
"We believe the customers and employees of Oceanex will continue to be well-served by the new ownership group," Oceanex president Peter Henrico said in a statement. The deal is expected to close in November.
Under terms announced Wednesday, Oceanex has the right to a "go shop" period in October when it can entertain additional bids, which South Coast has the right to match.
Oceanex has reached a tentative deal to sell its assets, including its yard at St. John's harbour. Oceanex has reached a tentative deal to sell its assets, including its yard at St. John's harbour.
A consortium led by Capt. Sid Hynes has agreed to buy Montreal-based Oceanex, which handles the shipping terminal at St. John's harbour and owns a fleet of vessels that carry containers.
Hynes has been active in marine industries in Newfoundland and Labrador for many years and is well-known for having chaired Marine Atlantic, which provides the ferry service connecting the island with Nova Scotia.
The newly formed consortium is called South Coast Partners Ltd. Hynes's partners are OPTrust Private Markets Group and Terrma Capital Corp.
"We plan to build on this solid foundation by making the appropriate investments to not only continue Oceanex's current success, but also to position the company for future, long-term success," Hynes said in a statement.
"We believe the customers and employees of Oceanex will continue to be well-served by the new ownership group," Oceanex president Peter Henrico said in a statement. The deal is expected to close in November.
Under terms announced Wednesday, Oceanex has the right to a "go shop" period in October when it can entertain additional bids, which South Coast has the right to match.