- Companies
- Ocean
Last Ocean valuation
$441M
Secondary · Jul 2025
Last Ocean funding round
$200K
Pre-seed · Jul 2024
Cumulative funding Ocean raised
$117M
across 3 funding rounds
Key investors in Ocean
La Caisse
Investissement Quebec
Government of Quebec
Fonds de solidarité FTQ
About Ocean
Ocean is a Quebec City-headquartered provider of marine services across Canada and internationally. The company operates a fleet of 50 workboats for port towing, dredging, and construction projects on the St. Lawrence River and Great Lakes. It supports infrastructure like bridges and wind farms through salvage, icebreaking, and rental services for tugs up to 10,000 horsepower. Ocean maintains ship repair yards in Sorel-Tracy and Sept-Îles, handling annual dry-dockings for bulk carriers and ferries.
Founded
1972
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Services
Valuation
$441M (Jul 2025)
Ocean Valuation
Ocean is currently valued at $441M, based on its secondary sale in July 2025.
The $106M round included La Caisse, Government of Quebec and Investissement Quebec.
Ocean valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Jul 2025 | Secondary | $441M |
Ocean Funding History
Ocean has raised a total of $117M across 3 funding rounds, plus 1 secondary share sale.
Ocean's first fundraising round was a $5M seed round in October 2014. The most recent completed round was a $200K pre-seed round in July 2024.
Ocean funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jul 2025 | Secondary | La Caisse; Government of Quebec; Investissement Quebec | $106M | $441M | Ocean Group is a leader in the maritime industry, specializing in harbor towing, marine works, naval construction, and repair, maritime equipment rental, dredging, and marine electro-technology. The company operates primarily in Quebec, Ontario, British Columbia, and Jamaica, employing over 1,100 people, nearly 1,000 in Quebec. It is one of North America's largest tug owners and builds advanced vessels for the Canadian Navy. On July 22, 2025, Ocean Group completed a management buyout led by President and CEO Jacques Tanguay and founder Gordon Bain, who retained control. The Government of Quebec and Investissement Québec invested USD$106.5 million (CAD$145 million) to acquire equity interests, replacing Fonds de solidarité FTQ. La Caisse (formerly CDPQ), a partner since 2014, reinvested, with La Caisse and Investissement Québec becoming equal shareholders. The transaction keeps Ocean Group wholly Quebec-owned, headquartered in Quebec City, with no job impacts and a focus on growth in Canadian and international markets. The deal valued Ocean Group at $440.9 million and supports its role in Quebec's defense industry and maritime supply chain. Ocean Group has a solid financial structure for sustainable expansion and previously acquired Verreault Navigation in 2022. |
| Jul 2024 | Pre-seed | Government of Quebec (lead) | $200K | - | - |
| Oct 2018 | Undisclosed stage | Fonds de solidarité FTQ (lead); La Caisse (lead) | $112M | - | - |
| Oct 2014 | Seed | Investissement Quebec (lead); La Caisse (lead) | $5M | - | - |
Who has invested in Ocean?
4 investors have backed Ocean across its funding rounds, including La Caisse, Investissement Quebec, Government of Quebec and Fonds de solidarité FTQ.
Lead investors include Government of Quebec, Fonds de solidarité FTQ, La Caisse and Investissement Quebec.
Ocean Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 3 | Lead | Oct 2014 | ||
| 2 | Lead | Jul 2024 | ||
This data is available for Pro users. Sign up to see all 4 Ocean investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialOcean Competitors
Ocean competitors include listed companies like Maritima de Inversiones and Luka Rijeka, and private ones like Seven Islands Shipping, Associated Danish Ports, Hanjin Shipping and Mersin International Port.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $420M | - | ||
| Publicly listed | $4M | - | $280M | - | ||
| Private | $42M | $32M | $765M | 18.2x | ||
| Private | - | - | $250M | - | ||
| Private | - | - | $869M | - | ||
| Publicly listed | $30M | $17M | $217M | - |
Ocean Public Comps
Ocean is still privately-owned, but its public comps include Kerry TJ Logistics, Thessaloniki Port, Attica Group, Radiant Logistics, Tegma, Napier Port Holdings, Seanergy Maritime, Universal Logistics Holdings, Wajax and Mahindra Logistics.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $403M | $95M | 1.6x | - | 6.8x | - | |||
| $124M | $55M | 3.0x | - | 6.7x | - | |||
| $872M | $100M | 1.2x | - | 10.1x | - | |||
| $934M | $39M | 0.5x | 0.5x | 12.0x | 12.2x | |||
| $433M | $83M | 1.1x | 1.1x | 5.7x | 6.1x | |||
| $89M | $35M | 5.4x | 4.8x | 13.6x | 11.4x | |||
| $158M | $70M | 4.1x | 3.4x | 9.1x | 5.4x | |||
| $1.6B | $84M | 0.8x | 0.8x | 15.4x | 6.6x | |||
This data is available for Pro users. Sign up to see all Ocean competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Ocean
| When was Ocean founded? | Ocean was founded in 1972. |
| Where is Ocean headquartered? | Ocean is headquartered in Quebec City, Canada. |
| Is Ocean publicly listed? | No, Ocean is a private, VC-backed company. |
| What is Ocean's valuation? | Ocean was last valued at $441M in its secondary sale in July 2025. |
| How much funding has Ocean raised? | Ocean has raised $117M across 3 funding rounds. |
| What was Ocean's last funding round? | Ocean's last funding round was a $200K pre-seed round in July 2024, led by Government of Quebec. |
| Who are Ocean's investors? | Ocean's investors include La Caisse, Government of Quebec, Investissement Quebec and Fonds de solidarité FTQ. |
| Which companies are comparable to Ocean? | Companies comparable to Ocean include Seven Islands Shipping, Maritima de Inversiones, Associated Danish Ports, Hanjin Shipping, Mersin International Port and Luka Rijeka. |
See companies similar to Ocean
Start Your
Free Trial Today
Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.




