Kevin O'Leary is throwing his support behind Maxime Bernier.

The outspoken TV celebrity was the last to enter the leadership race for the Conservative Party, doing so only after the party held a French-language debate in Quebec.

Earlier in the day a source told CTV News that O'Leary was going to pull out of the race. O'Leary formally did so Wednesday afternoon, giving his support to Quebec MP Bernier-- the candidate O'Leary believes best mirrors his objectives and policies.

In the statement, O'Leary said that Bernier is perhaps the first Conservative "in a long time" that may stand a chance of winning over 40 seats in Quebec. 

In a press conference Wednesday evening, O'Leary rebuffed reporters who suggested that his withdrawal was due to cold feet. 

"This is the hardest job I’ve ever had—but I was winning," he explained. "But it’s not good enough to win the leadership if you can’t win the majority mandate.”

Bernier also  announced that this decision signified a great day for Canada, a step closer to a "freer and more prosperous Canada.”

O'Leary's weak support in Quebec was also a sore spot in the campaign, and another reason why he decided to withdraw from the race. 

In his initial written statement, O'Leary stated that the Liberals "own" Quebec -- pointing out that of 78 seats, only 12 in the province are occupied by Tories. 

“This is obviously very disappointing for me-- as someone who was born in Montreal, I had hoped I would do much better there,” O'Leary wrote. 

The statement itself is also openly critical of Prime Minister Justin Trudeau, asserting that he basks in the glow of celebrity status, while destroying the fiscal landscape left bbehind by former leader Stephen Harper.

His only promise, to acheive 3% economic growth in Canada, will only be fufilled if a majority mandate is delivered in the 2019 Federal election. 

To read O’Leary’s full withdrawal statement, click here.