Leader in Paddle Sports, Pelican International Inc. Initiates Sale Process and CCAA Proceedings

MONTRÉAL, March 27, 2025 /CNW/ - On March 19, 2025, the Superior Court of Quebec (the "Court") issued orders in respect of Pelican International Inc., Pelican US Topco LLC, and Confluence Outdoor Inc. (collectively, "we" or the "Pelican Group") granting creditor protection and approving a sale and investment solicitation process ("SISP") under the Companies' Creditors Arrangement Act ("CCAA"). This difficult but necessary decision was made to ensure the Pelican Group's viability as a leader in the paddle and nautical sports industry, and in the best interest of our customers, employees, and shareholders.

FTI Consulting Canada Inc. has been appointed by the Court as the CCAA Monitor (the "Monitor").

Through the SISP, the Monitor is seeking to solicit interest in, or opportunities for, the sale or investment in all or substantially all of the business and assets of the Pelican Group. The SISP will be conducted as a one-phase process with the Binding Bid Submission Deadline set for 5:00 p.m. EDT on April 10, 2025.

In parallel, offers are also being sought in respect of GSI Outdoors LLC, an affiliate of Pelican Group, which is not part of the CCAA Proceedings . Interested parties are asked to submit a Phase 1 non-binding LOI by no later than 5:00pm EDT on May 5, 2025, with definitive bids to be submitted by Phase 2 Qualified Bidders by no later than 5:00pm EDT on June 23, 2025.

Pelican Group intends to continue its operations without interruption in order to keep offering its products to its customers. We are confident that Pelican Group will emerge from CCAA protection well-positioned to continue designing and manufacturing innovative, durable, and accessible paddle sport boats and nautical accessories that have defined our brand for over 50 years.

Information related to the CCAA proceedings and the SISP is available on the Monitor's website at: http://cfcanada.fticonsulting.com/Pelican

About Pelican International Inc.

Founded in 1968, Pelican International Inc. is a North American leader in the design, manufacturing, and distribution of paddle sports boats, nautical accessories, and outdoor equipment. With over 50 years of innovation, the company has expanded its portfolio through key acquisitions. Today, Pelican brings together iconic brands such as Wilderness Systems, Perception, GSI Outdoors, and Advanced Elements, offering a comprehensive range of kayaks, paddle boards, nautical accessories, and camping gear. With an international presence, Pelican's products are distributed through major outdoor retail chains.

SOURCE Pelican International Inc.