HAMILTON and TORONTO, October 25, 2016 - Cutter Marine (“Cutter”) and TorQuest Partners (“TorQuest”) announce that TorQuest has invested in Cutter, in partnership with existing management and shareholders. Terms of the investment were not disclosed.

Cutter also announces that Peter Stewart, President, who has been with Cutter for 17 years, has been appointed President and Chief Executive Officer and that Blair Cutter, previously Chief Executive Officer and Chairman, has assumed the role of Vice Chairman.

Cutter is a leading Canadian provider of marine transportation and project services for a wide range of customers and industry sectors across the Great Lakes, St. Lawrence Seaway, East Coast and the Canadian Arctic.

"This milestone event is a testament to our skilled and dedicated crew, our valued customers, service providers and industry partners,” said Blair Cutter, Vice Chairman, Cutter. “Enhancing our ability to sustain and accelerate our growth is a fantastic way to celebrate the company’s 60th anniversary. I am excited to remain an owner of the business and look forward to helping guide Cutter as it navigates its way to a stronger, better future. I believe the best is yet to come.”

TorQuest is a manager of private equity funds with more than $2 billion of equity capital under management.

Brent Belzberg, Senior Managing Partner at TorQuest, said, "This is the eighth platform investment for TorQuest Partners Fund III and continues our strategy of partnering with exceptional management teams to build industry-leading businesses, while supporting their continued growth.”

"TorQuest’s investment in Cutter strengthens our ability to invest in our crews, expand our fleet and build upon our existing platform to better service a broader customer base,” said Peter Stewart, President and Chief Executive Officer, Cutter. “A new world of opportunity has opened up and Cutter is now uniquely positioned to act on these opportunities. I look forward to continue working alongside our outstanding crew – the men and women who have contributed to our success – and to begin partnering with TorQuest as we write the next chapter in Cutter’s history together.”

Michael Hollend, Partner at TorQuest, concluded, "Cutter has earned a long-standing reputation as an entrepreneurial business, a skilled and safe operator and a reliable business partner for its customers. TorQuest looks forward to supporting Cutter’s growth initiatives as its people continue to do what they do best – operate a preeminent Canadian marine service provider."

About Cutter Marine

Cutter has a 60-year history in Canada’s maritime industry, providing transportation and project services for a wide range of customers and industry sectors. Industry analysts consider the business to be an exemplary Canadian success story that has remained true to the vision of its founder, Evans Cutter: continuously demonstrating a commitment to its people, its customers and the communities in which it operates. For more information, go to www.cuttermarine.com.

About TorQuest Partners

Founded in 2002, TorQuest Partners is a Canadian-based manager of private equity funds. With more than C$2 billion of equity capital under management, TorQuest invests in middle market companies, and works in close partnership with management to build value. The Cutter investment is the eighth platform investment for TorQuest Partners Fund III. To learn more about TorQuest Partners, visit www.torquest.com.