Pelican Intl Inc, now a newly formed entity has acquired assets excluding GSI Outdoors, of Pelican International Inc and Confluence Outdoor Inc according to a press release.
Pelican Intl Inc. has acquired the assets of Pelican International Inc. and Confluence Outdoor Inc. excluding GSI Outdoors according to a press release from Pelican Intl Inc., now a newly formed entity. The transaction was spearheaded by Danick Lavoie former Pelican President and CEO, and involved a court-approved Sale and Investment Solicitation Process (SISP) under the Companies’ Creditors Arrangement Act (CCAA) in Canada and Chapter 15 in the United States. Also involved in the sale were former executives Frederic Guay and Guy Prenevost. Additionally, private investors have partnered with management to “set Pelican Intl’s path for growth, resilience, and success”. Confluence Outdoor Inc. will now operate as Pelican Intl USA inc. to unify North American operation.
“With a robust portfolio including Pelican, Wilderness Systems, Dagger, Perception Kayak, Advanced Elements, and Boardworks, we will continue to expand the accessibility of our products,” shared Pelican International Inc in the press release.
Updated May 22, 2025.
Pelican International Inc, one of the world’s largest kayak manufacturers, is in the process of being bought out by former executives in partnership with real estate developer Groupe Mach, according to reporting by Quebec-based La Presse. The deal follows a two-step insolvency process: first Pelican sought insolvency protection under the Bankruptcy and Insolvency Act (BIA) in Canada in February 2025, before transitioning to court-supervised restructuring under the Companies’ Creditors Arrangement Act (CCAA) in March.
Pelican’s founding Élie family, which started the company in 1968, will not be involved in the restructured business. Pelican was majority-controlled by brothers Antoine and Christian Élie at the time of filing.
Kayak manufacturer Pelican to be bought by real estate developer and former executives
If the transaction closes, Pelican will be bought out by former executives who have partnered with Groupe Mach. Former President and CEO Danick Lavoie along with a group of former managers approached Groupe Mach. The transaction was submitted April 29 and approved April 30 by the Quebec Superior Court.
At the time the company sought insolvency protection, Pelican was controlled 80 percent by Élie brothers Antoine and Christian. In March 2025, La Presse reported that Pelican had taken out loans, some of which were used to acquire GSI Outdoors in 2022 and $60 million of which was distributed to shareholders as special dividends in 2021 and 2022. The Élie family received an estimated $50 million, according to the newspaper’s reporting. The decision to reward shareholders followed the outdoor industry-wide COVID boom.
Pelican saw profits of $35 million in 2021 and $10 million in 2022 followed by a slowdown in 2023. Pelican’s downturn reflects a broader post-pandemic reckoning across the outdoor industry. After sales surged in outdoor sales during COVID, many manufacturers were left with high inventory and shrinking demand as inflation and shipping costs rose.
Since 2023, La Presse reported that the company has lost $34 million and the special dividends paid out to shareholders were greater than the losses over the past four years. La Presse also reported that, including amounts owed to suppliers, Pelican was carrying roughly $181 million in liabilities, including $125 million owed to secured lenders led by National Bank.
Groupe Mach owns the Pelican manufacturing plant located in Laval and a logistics center in Varennes. Pelican completed three sale-leaseback transactions, selling its complexes to Groupe Mach but it was not enough to prevent the company from seeking creditor protection.
In recent years, Pelican expanded its paddlesports empire. It acquired major U.S. brand Confluence Outdoors in 2019—bringing Wilderness Systems, Dagger, Perception and Mad River Canoe into its fold—followed by inflatable kayak manufacturer Advanced Elements in 2021. No operating changes have yet been reported for the kayak brands within the Pelican portfolio.
In 2022, Pelican acquired GSI Outdoors, a United States-based company specializing in camping gear. The new ownership group plans to sell the GSI Outdoors division.
La Presse also reported that almost all of Pelican’s current 460 employees will keep their jobs.
Pelican did not reply to a request for comment.
All financial figures and restructuring details are based on reporting by the French-language newspaper La Presse. Read their original reporting here.
