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M&A Deal Summary

iCON Infrastructure and CDPQ Acquire QSL

On February 23, 2024, infrastructure investor iCON Infrastructure and asset manager CDPQ acquired transportation company QSL

Acquisition Highlights
  • This is iCON Infrastructure’s 6th and CDPQ’s 4th transaction in the Transportation sector.
  • This is iCON Infrastructure’s 1st and CDPQ’s 46th transaction in Canada.
  • This is iCON Infrastructure’s 1st and CDPQ’s 43rd transaction in Quebec.

M&A Deal Summary
Date 2024-02-23
Target QSL
Sector Transportation
Buyer(s) iCON Infrastructure
CDPQ
Deal Type Buyout (LBO, MBO, MBI)
Advisor(s) National Bank Financial (Financial)
McCarthy Tétrault (Legal)

Target

QSL

Quebec, Quebec, Canada
QSL is an port terminal operator with a portfolio of multipurpose terminals, which provides stevedoring, cargo handling solutions, transportation and marine services. QSL was founded in 1965 and is based in Quebec, Quebec.

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Buyer(S) 2

Buyer

iCON Infrastructure

Investor Investor Investor Investor

Category Infrastructure
Founded 2004
PE ASSETS 8.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

iCON Infrastructure is an independent private equity firm focused on investing in infrastructure assets throughout Europe and North America. iCON targets mid-market opportunities covering transportation, utilities, communications, energy, and environmental. iCON Infrastructure was founded in 2004 and is based in London, England.

DEAL STATS #
Overall 32 of 32
Sector (Transportation) 6 of 6
Type (Buyout (LBO, MBO, MBI)) 15 of 15
State (Quebec) 1 of 1
Country (Canada) 1 of 1
Year (2024) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-11-21 Enoe Energie

Marseille, France

Enoe Energie is an independent producer of green and local energies, controlling the entire value chain (design, development, financing, construction, operation and maintenance). Enoe Energie was founded in 2010 and is based in Marseille, France.

Buy -
Buyer

CDPQ

Category Asset Manager
Founded 1965
PE ASSETS 80.0B CAD
Size Mega
Type Sector Agnostic
DESCRIPTION

CDPQ is a global asset management firm focused on a variety of investing strategies including fixed income, real estate, infrastructure, private equity, venture capital, and public equities. Within private equity, CDPQ looks to acquire significant minority stakes in businesses operating in a variety of sectors and seeks to commit $250 million to $1 billion per transaction. CDPQ was established in 1965 and is headquartered in Montreal, Quebec.

DEAL STATS #
Overall 101 of 105
Sector (Transportation) 4 of 4
Type (Buyout (LBO, MBO, MBI)) 7 of 7
State (Quebec) 43 of 46
Country (Canada) 46 of 49
Year (2024) 2 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-02-13 Levio

Québec, Quebec, Canada

Levio is a digital native consulting firm providing services covering all aspects of digital transformation, from business strategies to information technologies (IT), to organizational management, including cybersecurity, data valorization, artificial intelligence and cloud computing. Levio was founded in 2014 and is based in Quebec City.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-04-01 Nuvei

Montreal, Quebec, Canada

Nuvei is a payment technology platform that offers direct connections to all major payment card schemes worldwide. Nuvei was founded in 2003 and is based in Montreal, Quebec.

Sell $6.3B
Mergr

Product

Company

Legal